# Fitch downgrades, Moody's lowers outlook, peso falls but AMLO unfazed

> Fitch downgraded Mexico's sovereign rating from BBB+ to BBB, citing Pemex's weak credit and trade tensions, while Moody's cut its outlook to negative. The peso fell about 1.3% to just above 19.5 per dollar.

- Date: 2019-06-06 · published 2019-06-06T12:00:00.000Z
- Category: macro · region Mexico · magnitude medium
- Page: https://feedsoft.ai/events/58816-fitch-downgrades-moody-s-lowers-outlook-peso-falls-but-amlo-unfazed
- Commodities: [Mexican Peso (MXN per USD)](https://feedsoft.ai/c/USDMXN.md), [Corn](https://feedsoft.ai/c/CORN.md)

## Why it matters

A weaker peso and tighter fiscal conditions raise Mexico's cost of imported feed grains and reduce purchasing power, which can soften demand for US corn and soymeal.

## Read by commodity

- CORN: bearish ▼
- USDMXN: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| CORN | 2024-11-27 | [Outlook 2025 LATAM FX: MXN, CLP, and COP Under Uncertainty \| Pepperstone](https://feedsoft.ai/events/27672-outlook-2025-latam-fx-mxn-clp-and-cop-under-uncertainty-pepperstone.md) | -0.1% | +6.2% |
| CORN | 2016-11-17 | [Mexican peso briefly falls 1 percent vs. US dollar after central bank hikes rates](https://feedsoft.ai/events/74069-mexican-peso-briefly-falls-1-percent-vs-us-dollar-after-central-bank-hikes-rates.md) | +3.0% | +4.6% |
| CORN | 2016-12-15 | [Dollar, bond yields advance on Fed rate outlook](https://feedsoft.ai/events/6462-dollar-bond-yields-advance-on-fed-rate-outlook.md) | -2.2% | +0.5% |
| CORN | 2021-06-30 | [U.S. dollar posts best month since November 2016; nonfarm payrolls loom \| Financial Post](https://feedsoft.ai/events/46778-u-s-dollar-posts-best-month-since-november-2016-nonfarm-payrolls-loom-financial.md) | -0.4% | -10.6% |
| CORN | 2022-07-25 | [Fed fallout looms for market](https://feedsoft.ai/events/40514-fed-fallout-looms-for-market.md) | -0.8% | +3.7% |

## Sources

- mexiconewsdaily.com: https://mexiconewsdaily.com/news/fitch-downgrades-moodys-lowers-outlook/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.