US EditionFitch upgrades Pemex’s credit rating to ‘BB’, citing stronger government support
13 Articles
13 Articles
Fitch Ratings raised the long-term qualification of Mexican Petroleums (Pemex) in local and foreign currency from B+ to BB, due to the measures taken by the government of President Claudia Sheinbaum Pardo so that the oil company has resources to meet its short-term obligations.
Mexico City, 1 Aug (EFE).- Fitch Ratings raised on Friday the credit rating of the state oil company Petróleos Mexicanos (Pemex) from ‘B’ to BB, after the announcement of a financial operation of 12 billion dollars, promoted by the Mexican government, to strengthen the financial situation of the state oil company, although it warned of the fragility of the company. The qualifier also withdrew the warning of positive surveillance (Rating Watch Po…
Fitch upgrades Pemex’s credit rating to ‘BB’, citing stronger government support
By Brendan O’Boyle MEXICO CITY (Reuters) -Fitch Ratings upgraded Mexican state energy producer Petroleos Mexicanos’ (Pemex) credit rating to ‘BB’ from ‘B+’ on Tuesday, removing its positive watch status and citing strengthened government support, the agency said in a statement. WHY IT’S IMPORTANT The upgrade to BB, while still below investment grade, reflects the government’s efforts to try to stabilize Pemex, the world’s most indebted energy co…
Pemex’s ‘master game’ of placing pre-capitalized notes worked: The Fitch Ratings firm improved the oil rating from ‘B’ to ‘BB’ with a stable perspective. Fitch explained that the placement of the pre-capitalized notes motivated her to strengthen her assessment of the subfactor “Support Precedents”, according to her criteria for entities related to federal government. As a result, the link between Pemex and the sovereign has been strengthened, wh…
The financial corporation Fitch Ratings raised the status of Non-Compliance of Issuer (IDR) from “BB-” to “BB”, with a stable perspective. The announcement represents an improvement in the international perception of the Mexican oil company’s ability to meet its financial obligations. Although the rating is still considered within the speculative range, the upward revision suggests a lower level of risk for investors.
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