Economy & Business - August 2021

MEXICO: Pemex rejects Moody’s downgrade

International credit ratings agency, Moody’s Investors Service, lowered its rating of Mexico’s state-owned oil firm, Pemex, from ‘Ba2’ to ‘Ba3’ on 27 July. The outlook on Pemex’s rating was kept at ‘negative’. Moody’s said that the decision was taken due to the growing risk that Pemex represents due to its high debt level on the back of its efforts to invest in expanding its refining and production capacity, which Moody’s considers will cause greater operative loses. Pemex remains the most heavily indebted oil company in the world with a debt of US$115bn as of the second quarter of 2021.

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