LOS ANGELES (MarketWatch) -- Fitch Ratings on Monday cut Mexico's foreign-currency rating to BBB from BBB+, moving the rating lower within the investment-grade class. The downgrade had been widely anticipated by analysts. Fitch said the global economic and financial crisis and falling oil production have accentuated weaknesses in the country's fiscal profile, including the high dependence on oil revenues, a narrow non-oil tax base and a limited fiscal cushion. "Recently approved tax measures are a step in the right direction, but more is required to materially address structural weaknesses of public finances especially in the context of continued uncertainty over the outlook for oil production," wrote Shelly Shetty, senior director in Fitch's sovereign group, in a prepared statement. "Prospects for future revenue-enhancing tax reforms are not bright as the opposition party controls the lower house of Congress and going forward political dynamics will be heavily influenced by the 2012 presidential elections."