US EditionMoody’s Follows Fitch With Pemex Upgrade on Mexico Support
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16 Articles
The Moody's Ratings qualifier improved yesterday the credit rating for Mexican Oils (Pemex) and assigned it a stable perspective, after highlighting the government's commitment to support the state company in fulfilling its financial obligations.
Moody's Ratings awarded Petróleos Mexicanos S.A. a double improvement after the Mexican government took steps to reduce the huge drilling company's debt and address the operational challenges. The rating agency raised Pemex's rating from "B3" to "B1", citing President Claudia Sheinbaum's government's efforts to address the state company's $100 billion debt. The outlook is stable, Moody's said. "The improvement of ratings reflects a greater commi…
The rating agency Moody's improved the credit rating for Mexican Petroleum (Pemex) and assigned it a stable perspective, highlighting the government's commitment to supporting the company in fulfilling its heavy financial obligations. The increase in rating, which went from "B3" to "B1", is given a month after President Claudia Sheinbaum's government announced a plan to rescue the oil company that included the placement of $12 billion in bonds.
The rating agency highlighted that the strategic plan 2025-2035, presented by the administration of Claudia Sheinbaum, "marks a change in the approach of the government", with coordinated transactions to advance towards "the strengthening of the financial position" of Mexican Oils in the next few years.
Despite the improvement in the note, the agency considered that Pemex continues to face financial pressures of short and long term. Miguel Ángel Ensástigue OEM-Reportex The Moody’s agency improved the rating of Mexican Petroleums (Pemex) from ‘B3’ to ‘B1’, with a stable perspective, considering that the state oil company has greater support from the federal government under the Strategic Plan 2025-2035. In a report, the qualifier explained that…
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