A cautious 2010 budget proposal that Mexico’s finance minister, Agustín Carstens, presented to Congress received an equally cautious, but in some cases critical reception from ratings agencies and analysts on Wednesday.

Fitch Ratings said in a statement that the budget reflected “the authorities’ commitment to prevent a significant deterioration of the country’s fiscal situation”. Fitch made no mention of an earlier warning that it might downgrade Mexico’s credit rating.