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+, citin
Also in this section
28 March 2024
The country’s largest gas field is a bright spot for the North Sea, boasting cleaner operations amid a changing mood in Europe over hydrocarbons
28 March 2024
Whether OPEC+ starts to unwind its oil production cuts from June will depend on heavily debated unfolding supply-demand balances
28 March 2024
As a gas supply shortfall looms, balancing regulatory flexibility with energy security and investor confidence will be critical
27 March 2024
Oil producers have to untangle the increasingly complicated relationship with their natural resources