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7 March, 2019 00:00 00 AM
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Moody’s warns Mexico violence hurting business

AFP, Mexico City

Ratings agency Moody’s warned Tuesday that violent crime was hurting Mexican businesses, saying the crucial oil and tourism industries were particularly vulnerable.

“Increasing insecurity, robbery and travel warnings hurt Mexican companies’ top lines and profitability, and will particularly weaken revenue and margins over the next 12-18 months for the oil industry and hotels and resorts,” said Moody’s vice president Alonso Sanchez in a statement.

Mexico, Latin America’s second-largest economy after Brazil, is struggling to deal with a more than decade-long surge in violent crime fueled by powerful drug cartels.

Since the government controversially deployed the army to the streets to fight organized crime in 2006, the country has registered nearly 250,000 murders—including a record 33,334 last year—as fragmented cartels wage war on the authorities and each other.

Moody’s said in its report that insecurity-related costs also posed risks in the food, retail and mining industries.

It is the latest tough assessment on Mexico from the big ratings agencies since leftist President Andres Manuel Lopez Obrador took office in December.

 

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Editor : M. Shamsur Rahman

Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

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