* International credit ratings agency Fitch has downgraded Mexico state oil company Petroleos Mexicanos' (PEMEX)’s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to 'BBB-' from 'BBB+' and its National Long-Term ratings to 'AA(mex)' from 'AAA(mex)' with its rating outlook, negative. According to a Fitch statement, these downgrades apply to approximately US$80bn of notes outstanding and all national scale long-term issuances. The statement underlines that
“the ratings are constrained by Pemex’s substantial tax burden, high leverage, significant unfunded pension liabilities, large capital investment requirements, negative equity and exposure to political interference risk”.
End of preview - This article contains approximately 104 words.
Subscribers: Log in now to read the full article
Not a Subscriber?
Choose from one of the following options