Fitch cuts Pemex after sovereign downgrade

Fitch cuts Pemex after sovereign downgrade

Debt Bonds Corporate & Sovereign Strategy Capital Markets Economy & Policy Fixed Income Energy Gas Regulation Politics Mexico

Fitch Ratings said it has downgraded Pemex to BB+ from BBB-, dropping the state-owned oil company Pemex from investment grade a day after it cut Mexico's sovereign ratings by a notch to BBB. The rating agency also put a negative outlook on Pemex's ratings, saying the company's stand-alone credit profile (SCP) could fall below CCC, or junk status. "Pemex's ratings are two notches below those of the sovereign as a result of the company's weak SCP and slow government action to strengthen Pemex's ca

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