As goes Mexico, so goes the rest of Latin America - at least where the debt market is concerned. While in the past, developments in Mexico may have meant spectacularly bad news - as when the Mexican government precipitated a global debt crisis with its 1982 suspension of sovereign interest payments - these days Mexico is a fount of good news for Latin markets.

Earlier this month, Moody's upgraded Mexican sovereign debt to investment grade in response to improvements in the Mexican economy, due largely to the closer ties with the US and Canada brought about by the North American Free Trade Association.