Expecting the country to face even tougher financial conditions over the coming time, on the back of falling oil revenue and widening budget deficit, Standard & Poor's cut Mexico's credit rating further by one notch on Monday.

Some critics, however, have been quick to raise doubts as to why the country deserves a lower rating than Greece, with the latter's fiscal situation much worse.

The new rating has pulled Mexico down from BBB+ to BBB, and the country is now just one notch above the minimum investment grade.

The cut in rating, however, was largely expected after Fitch Ratings cut Mexico in November, also to BBB from BBB+.

Despite the falling credit rate, Mexico's assets are considered much valuable by stock and currency investors. "U. S. Treasury rates and overall appetite for risk limit what Mexico could have lost out on in terms of paying up more. the sovereign level, the effects of the brunt of the downgrade had been incorporated into debt spreads quite a while ago, even before Fitch moved", said Enrique Alvarez, head of Latin America fixed-income research at IDEAglobal.