June 7, 2019
Pemex latest publications
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…