Fitch raises Mexico debt rating

Mexico's debt rating was raised one level by Fitch Ratings as the country reduces foreign debt and inflation decelerates, Fitch said in a statement.

Fitch said it raised Mexico's foreign currency rating to BBB, or one level above its lowest investment-grade rating, from BBB- and increased Mexico's local currency rating one level to BBB+, which is two levels above its lowest investment-grade rating. The outlook is stable, Fitch said.

"The upgrade is underpinned by the consolidation of macroecono