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JP Morgan says Mexico's economy to shrink 35.5% in second quarter

MEXICO CITY, March 26 (Reuters) - JP Morgan on Thursday cut its 2020 growth estimate for Mexico and now expects the economy to contract 7% over the year, including a 35.5% drop in the second quarter at a seasonally adjusted annual rate.

Another rating downgrade cannot be ruled out soon, JP Morgan said in the report, after S&P on Thursday cut Mexico's sovereign rating to BBB from BBB+. (Reporting by Abraham Gonzalez and Daina Beth Solomon; Editing by Dave Graham)