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
5 February 2025
Growing appetite for LNG reinvigorates discussions between China and Myanmar, but civil war may prevent talk becoming action
5 February 2025
With new capacity, buyers must navigate sanctioned Russian crude, a return to traditional OPEC barrels and diversity of supply
4 February 2025
The threat of Trump tariffs and the departure of Trudeau have sharpened the domestic political focus on boosting the oil and gas industry
3 February 2025
Alaska has been engulfed by a lack of consistent policymaking and highlights the challenges financing energy projects in the US
