June 6, 2019 |
Fitch Ratings said it has downgraded Mexico to BBB from BBB+, citing a weak macroeconomic outlook and the risk to public finances from Pemex's debt problems.
The spreads on Pemex's debt rose significantly in the first quarter this year, which led the government to offer increased support to the state-owned oil company. But the government's efforts, which included capital injections and lower taxes, were not enough to provide a long-term solution, Fitch said in a report.
Fitch cut Pemex's ratings
Rating agency cites a weak macroeconomic outlook and Pemex's debt problems