Fitch downgraded to junk
On June 6, Fitch Ratings downgraded both Pemex Long-Term Foreign- and Local-Currency Issuer Default Ratings by two notches to BBB-, one step above the non-investment grade segment. The rating outlook is negative. This is the second downgrade in less than 6 months from the rating agency. Moody’s changed Pemex outlook to negative but affirmed it Baa3 rating. S&P still rate Pemex as an investment grade issuer, S&P assign it a BBB+, just one notch above the non-investment grade mark.
Pemex is a fully integrated Mexican oil and gas company. It is involved in every aspect of the oil and gas value chain, from exploration, production, refining, distribution and marketing. It is owned 100% by the Mexican Government. Pemex is Latin America’s largest corporate bond issuer and with nearly USD 100bln in debt, it is the most indebted oil major.
It is the largest tax contributor to the Mexican Government, having historically contributed ……….. In order to access the entire article, please contact one of our advisers at www.bridport.ch/Teams/Sales
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