Moody’s downgraded Mexico’s rating to ‘Baa2’ from ‘Baa1’ with a stable outlook. The agency said the country’s economic activity should remain constrained by weak investment prospects and increased structural rigidities. Additionally, the economic scarring that occurred during the pandemic will not rebound. As a result, there will be a persistent gap between the pre-pandemic GDP trend level and current GDP forecasts for 2022-2024.