2  BIS central bankers’ speeches  concern. The fiscal gap has been mirrored in a widening current account deficit, mainly reflecting the oil trade account. Mexico’s fiscal finances may be on an unsustainable path, and the public debt ratio appears to have reached a limit, at levels that may not be healthy.
Relative government indebtedness is already higher than in many other emerging markets. Also, Mexico’s sovereign credit risk perception, as measured by CDS premiums, has remained above that of other countries with the same rating. Furthermore, rating agencies have given Mexico a clear warning this year in the form of a downward change in perspective.