US EditionFitch Ratings Improves Pemex Rating After Support From the Mexican Government
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9 Articles
The Mexican government’s plan to refloat the finances of Mexican Petroleums (Pemex) has been well received by the market. On Thursday, the Fitch qualifier has raised the rating of the parastatal, passing from BB to BB+, with a stable perspective. The improvement in the qualification for the oil company, only to a seat to recover the degree of investment, is based on the “successful execution” of the repurchase of the firm’s debt for $9.9 billion…
Pemex’s “stand alone” rating (which only evaluates the oil company without government support) remained in CCC.
This movement takes place after the completion of restructuring $9.9 billion
The Fitch Ratings agency improved on Thursday the credit rating of Mexican Petroleums (PEMEX) from BB to BB+ with a stable perspective, which puts the oil company a step away from recovering the degree of investment, lost in 2020. The adjustment was made following the public offer to acquire $9.9 billion in eight sets of bonds, an operation backed by federal government resources. According to Fitch, this transaction reflects a greater link betwe…
Fitch Ratings explained in a report that Mexico has adopted legislative measures that allow Pemex to share a debt ceiling with the Ministry of Finance.
The qualifier raised Pemex’s note after the repurchase of bonds for 9,900 mdd backed by the government. The oil company maintains challenges in debt, production and maintenance of assets. Pemex is a step away from recovering the degree of investment. Improvement in the Fitch Ratings rating increased the rating of Mexican Petroleum (Pemex) from BB to BB+, with a stable perspective. The adjustment was given after the repurchase of bonds for 9,900 …
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