Pemex latest publications
Pemex should take advantage of the 100,000 barrels a day cutback to reduce capex in E&P in 2020. This policy action would boost its liquidity, improve chances of meeting its financial balance approved by Congress and avoid increasing its financial debt.
December 5, 2019
Mexico | Financial system risks stemming from excessive credit growth remain subdued
The Financial Stability Report highlights that the pace of private financing to households and firms has diminished. There are upward risks for households and firm’s non-performing loans as the economy and employment have impaired recently.
The permanent reduction of Pemex's tax burden and the possible additional contribution of resources to Pemex beyond 2022, should be supplemented with changes in tax policies that help keep federal government revenues relatively stable and do not risk meeting fiscal targets.
June 7, 2019
Mexico | Underinvestment in E&P prompts Fitch to downgrade Pemex’s bonds to junk status
Fitch downgrades Pemex’s bonds to junk status as the company keeps facing serious underinvestment in E&P because of its relatively high fiscal burden.
May 13, 2019
Mexico |Higher probability of stabilizing production w/greater fiscal incentives for Pemex
Today Pemex signed a letter of commitment with three financial institutions to refinance USD 2.5 billion of its debt. It also renewed two lines of credit worth USD 5.5 billion, extending the repayment period from three to five years.
Recently, especially in the aftermath of Fitch downgrading Pemex's rating from BBB+ to BBB-, there has been nervousness in the markets because Pemex's situation is perceived as a significant risk to the country's macroeconomic stability.
Financial support from the federal government will buy time, but Pemex's credit rating remains at risk. In January, Fitch downgraded the Pemex rating from BBB+ to BBB- after the outlook was revised to negative in October last year.
April 13, 2016
Mexico | Federal Gov.’s support allows Pemex to improve its financial situation in 2016
The Federal Government’s support of Pemex amounts to a total of 123.5 billion pesos and comes from three sources: an equity contribution; the conversion of Pemex’s pension bond into negotiable instruments of the Federal Government; and a reduction in the duties payable by the Company deriving from the changes to its tax reg…