Pemex rating cut a notch by Fitch

Pemex rating cut a notch by Fitch

Bonds Debt Capital Markets Fixed Income Energy Mexico Latin America

Fitch Ratings on Friday downgraded the credit of Mexican state-owned oil company Pemex to BB from BB+ citing the company’s continued deteriorating stand-alone credit profile (SCP) amid the oil and gas industry’s downturn at the hands of collapsing prices. “Pemex's SCP deterioration reflects the company's limited flexibility to navigate the downturn in the oil and gas industry given its elevated tax burden, high leverage, rising per barrel lifting costs and high investment needs to maintain produ

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