Mexico's president has lashed out at Moody’s ratings service after it downgraded the Mexican government’s debt outlook to “negative.”

Mexico's outlook was moved to negative from stable by Moody's Ratings on Thursday, as the major credit rating agency pointed to institutional and policy weakening that risks undermining the economy as well as government accounts.

Moody's linked Mexico's credit outlook downgrade to the nation's government debt and the constitutional overhaul of its judiciary system.

The Mexican Peso recovered some ground against the US Dollar during the North American session, shrugging off Moody’s adjustment on Mexico’s credit outlook and upbeat US Retail Sales data. At the time of writing, the USD/MXN trades at 20.34, down by 0.24%.