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
26 April 2024
While the US has been breaking records for its premium grade crude, there are doubts over whether you can have too much of a good thing
26 April 2024
Slowing demand growth and capacity expansions will squeeze refiners in coming years
25 April 2024
Some companies with assets in Israel have turned towards Egypt as tensions escalate, but others are holding firm despite rising tensions
24 April 2024
But even planned exploration activity is unlikely to reverse declining output from mature fields