No doubt Mexico's reputation has been tarnished by reports about drug-related violence, and increasing economic risks may prompt multinationals to think twice about moving in, but the country retains a relatively business-friendly environment compared to other emerging markets.

In December 2008, Coface dropped its country-risk assessment on Mexico by one notch, to A4 from A3. The assessment, which evaluates the macroeconomic and political outlook for a country, is still above average for emerging market countries.

“Mexico is one of the few emerging-market countries which was a bit overrated before the financial crisis,” says Yves Zlotowski, chief economist at Coface, a credit-insurance subsidiary of Natixis that provides a variety of services enabling companies to manage their global business risks.