UPDATE 1-Moody's says may 'do something' about Mexico rating

(Adds comments from Moody's analyst, byline)

By Walter Brandimarte

NEW YORK, May 11 (Reuters) - Moody's Investors Service is concerned about "leaks" in the Mexican economy and it may decide to act on the country's credit ratings soon, credit analyst Mauro Leos said on Monday.

"It may very well be that we will take another close look during the year. We may decide to do something with the credit," Leos told a conference in New York.

He added, however, that Mexico is not at risk of losing its investment-grade status.

"We believe that Mexico is a relatively safe-leaking vessel. The discussion is not whether it is or not investment grade, but how strong an investment-grade country it is," Leos said.

Mexico's credit-worthiness is supported by the government's low debt load and its strong ability to access international capital markets, among other factors, the Moody's analyst said.

Repeating comments made in an interview during the Reuters Latin American Summit last week, Leos said that Moody's may upgrade other Latin American countries soon as their economies prove to be more resilient than expected to the global economic downturn.

"But in the case of Mexico we are not thinking of doing that. That is the main difference," he said.