The peso extended declines as S&P downgraded Spain two levels to BBB-, the lowest investment rating and one notch below Mexico’s BBB grade, citing mounting economic and political risks. European turmoil and concern about how it would weigh on global growth and the overall market for the Latin American country’s exports helped make the peso the worst-performing major currency in the region last year.

via Mexico Peso Falls Most in a Month as Spain Downgraded by S&P – Bloomberg.