Related Articles
Forward article link
Share PDF with colleagues

Pemex strategy fails to convince

Sceptical agencies consider further cuts to their ratings of the company's debt

Debt issued by Mexico's national oil company Pemex is at risk of losing its investment grade status—compounding the challenge of the firm achieving its twin priorities of reducing its considerable debt and reversing its declining oil and gas output. The economic policy direction of the country has also alarmed credit agencies. S&P highlights government restrictions on private investment, as well as the financial burden on Pemex, as key reasons for their one-in-three prediction that Mexican sovereign debt will be downgraded before the end of the year. $111.27bn – Pemex’s debt Pemex's debt came under attack in June. US ratings agency Fitch lowered its rating from BBB- to BB+

Comments

Comments

{{ error }}
{{ comment.comment.Name }} • {{ comment.timeAgo }}
{{ comment.comment.Text }}
Also in this section
BP and Singapore’s Pavilion ink LNG supply deal
11 June 2021
BP and a Temasek subsidiary sign a long-term LNG supply deal with a full-cycle emissions ambition
Stronger finances deliver Trafigura trading windfall
10 June 2021
The Singapore-headquartered trader is able to do more, and boost profit, due to enhanced access to credit
US downstream faces emissions scrutiny
10 June 2021
Biden’s low-carbon pledge could mean tighter regulations and punishment for serial emitters
Sign Up For Our Newsletter
Project Data
Maps
PE Store
Social Links
Social Feeds
Featured Video