President Claudia Sheinbaum and businessman Carlos Slim defended the Mexican economy and criticized the rating methodology used by Moody's [1].
This coordinated response signals a high-level effort to protect Mexico's international credit standing and investment appeal. By challenging the agency's criteria, the administration aims to prevent a downgrade that could increase borrowing costs for the government.
During a press conference in Mexico City on May 1, 2024, the leaders said the agency's criteria do not reflect the current economic reality [2]. They said the outlook provided by Moody's is based on outdated assumptions and fails to account for the country's actual economic performance [1, 2].
Sheinbaum said, "Los criterios de la agencia no reflejan la realidad de la economía mexicana y siguen anclados a una visión del pasado" [1].
While reports from some sources highlight the role of Carlos Slim in this defense, other accounts indicate that leaders of various Mexican labor unions also joined Sheinbaum to defend national sovereignty [2]. This suggests a broader coalition of political, financial, and labor interests aligning against the external pressures of international credit agencies.
The tension centers on how Moody's assesses risk and growth within the Mexican market. The administration maintains that the current methodology is an obstacle to an accurate portrayal of the nation's fiscal health, a discrepancy that could impact foreign direct investment.
“The agency's criteria do not reflect the current economic reality.”
The public clash between the Mexican presidency and Moody's reflects a growing trend of emerging economies challenging the dominance of Western credit rating agencies. By framing the dispute as a matter of economic reality and sovereignty, Sheinbaum is attempting to delegitimize a potentially negative rating before it can trigger market volatility.
