* Mexico’s state-owned oil firm (Pemex) has published its second quarter financial report, which indicates a net loss of M$44.3bn (US$2.02bn) in the period from April to June. The loss was less than the M$52.8bn contraction over the same quarter in 2019, and significantly less than the M$562bn lost in the first quarter of the year. The report also indicates that the company’s financial debt rose to M$2.46trn as of 30 June, up 24% compared with the end of 2019, which it attributes to the depreciation of the Mexican peso against the US dollar. Despite these figures, the company claimed that it is “
one of the oil companies that has best dealt” with the severe industry crisis brought on by a collapse in oil consumption produced by the coronavirus (Covid-19) pandemic, noting that it did not suspend activities or payments to providers and contractors, and complied with its financial obligations. On 17 April international ratings agency Fitch downgraded Pemex’s stand-alone credit profile to ‘CCC-' (junk status).
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