MEXICO: Fitch May Drop Credit Rating.

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Mexico’s credit rating may be downgraded by Fitch Ratings after its congress approved a 2010 budget that forecasts the widest deficit in two decades. Fitch and Standard & Poor’s each have a negative outlook on Mexico’s BBB+ rating, the third-lowest investment-grade rating, amid concern that declining oil revenue will swell the budget gap. Congress approved a 2010 budget that calls for spending of $244 billion and a budget deficit of 0.75 percent of gross domestic product. Including spending by state-owned oil company Pemex, the deficit will reach 2.75 percent of GDP, the widest since 1989.