LatinNews Daily - 29 July 2020

* 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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