UPDATE 1-Fitch downgrades Mexico debt rating

Credit ratings agency Fitch downgraded Mexico's sovereign debt rating on Wednesday while peer Moody's changed the country's outlook to negative from stable, hammering the Mexican peso.

Lowering Mexico's credit rating to BBB, nearing junk status, Fitch said the financial woes of state oil firm Pemex were taking a toll on the nation's prospects. The Mexican peso weakened as much as 1.3% on the news.