MEXICO CITY - Low inflation, tight public spending and a reduction in the vast debts of loss-making state oil giant Petroleos Mexicanos have helped spruce up Mexico’s so-called risk profile, which reached its “safest” level in five years this month.
Economic growth has ground to a halt during the first year in office of President Andres Manuel Lopez Obrador, who has repeatedly castigated excessive free market liberalism for ruining Mexico. Analysts expect growth to be weak next year too. The current CDS level, also known as the spread, means that an investor pays about $8,100 annually to insure $1 million in Mexican sovereign debt against default.
The president has vowed to revive Pemex, the world’s most indebted oil company, cutting its financial debt by around $7 billion this year via refinancing operations. Mexico’s 5-year CDS spread level was last week 20 basis points lower than the benchmark CDS Emerging Markets index, made up of 15 developing economies and compiled by data firm Markit. It was Mexico’s lowest risk level since October 2014.
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