Fitch ratings agency cut Mexico’s debt rating one level to BBB on November 23. It was the first cut for Mexico by any rating company since 1994. Standard and Poor’s has had Mexico’s BBB+ rating on negative outlook since May.

Mexico’s Congress on November 1 approved a one percent increase in the sales tax to 16 percent, after rejecting President Felipe Calderon’s proposed consumption tax of 2 percent including food and medicine that would have generated more than twice as much revenue. The 2010 budget approved by Congress November 17 forecasts a budget deficit of 0.75 percent of Gross Domestic Product, or 2.75 percent of GDP including Pemex spending, the widest deficit since 1989.

8 Sep 2009 -

Gambling the rent money