June 7, 2019 |
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
State-owned oil company falls from investment grade on slow government action to shore up finances