Mexico vs Brazil
Two sovereigns, nine shared metrics, one spread gap.
Head to head
| Mexico | Brazil | |
|---|---|---|
| BT-SFS score | 40.2 | 48.4 |
| Composite rating | BBB− | BB |
| Fiscal pillar | 47.6 | 33.0 |
| External pillar | 42.6 | 68.4 |
| Macro pillar | 63.1 | 62.5 |
| Institutions pillar | 10.4 | 35.4 |
| Benchmark bond | MEX 4.75 32 | BRAZIL 5.5 33 |
| Spread over Treasuries | 133 bps | 157 bps |
| Yield to worst | 5.48% | 5.72% |
| Duration | 5.0y | 5.3y |
Metric by metric
| Metric | Mexico | Brazil |
|---|---|---|
| Current account / GDP | -0.4% (66.7) | -2.7% (35.4) |
| International reserves, months of imports | 3.5 mo (24.4) | 8.0 mo (93.3) |
| General government debt / GDP | 62.7% (45.8) | 96.5% (12.5) |
| Interest expense / revenue | 23.7% (18.8) | 18.1% (35.4) |
| Primary balance / GDP | 1.6% (83.3) | -0.5% (54.2) |
| WGI institutional composite | -0.77 (10.4) | -0.36 (35.4) |
| Real GDP growth | 1.6% (12.5) | 1.9% (18.8) |
| GDP per capita, USD | $15,779 (64.6) | $12,313 (56.3) |
| Inflation stress | 3.9% (100.0) | 4.0% (100.0) |
Frequently asked questions
Who has stronger fundamentals, Mexico or Brazil?
Brazil scores higher on the BT Sovereign Fundamentals Score: 40.2 (Mexico) vs 48.4 (Brazil), a gap of 8.2 points.
Whose USD bonds trade wider, Mexico or Brazil?
Brazil trades wider: 133 bps (Mexico) vs 157 bps (Brazil) over US Treasuries — a 24 bps gap on near-5-year USD benchmarks.
Related
- Mexico — full Mexico profile: pillars, metrics, history.
- Brazil — full Brazil profile: pillars, metrics, history.
- All sovereigns ranked on the Sovereign Signal hub.
- BT-SFS methodology paper — how the scores are built.