Weekly Report - 27 July 2023 (WR-23-30)

MEXICO | Moody’s downgrades Pemex’s outlook. On 21 July, credit ratings agency Moody’s maintained its B1 rating of Mexico’s state-owned oil firm, Pemex, but downgraded its outlook from ‘stable’ to ‘negative’. In a note Moody’s said the change reflects its view that absent fundamental changes in Pemex’s business strategy, the company is likely to face increased credit risks, given its inability to increase capital investments and improve its financial and operating performance due to liquidity constraints.