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last mo.

Fitch Elevates Pemex to ‘BB’ After Mexico’s $12B Bond Support

The transaction strengthened Pemex’s sovereign linkage score under Fitch’s GRE framework with further rating upgrades contingent on governance reforms

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Fitch Ratings le asignó una calificación a Pemex de BB. Foto: Luis López, Cuartoscuro
Pemex logró una mejora crediticia (BB) por Fitch tras el respaldo del gobierno, que absorbió $12,000 millones de su deuda.

Overview

  • Fitch Ratings raised Pemex’s long-term issuer default rating from B+ to BB following Mexico’s $12 billion P-Cap bond issuance.
  • The agency removed its Rating Watch Positive designation and assigned a stable outlook to Pemex’s debt.
  • Fitch upgraded the ‘Precedentes de Apoyo’ subfactor to ‘strong’, boosting Pemex’s Overall Linkage Score from 25 to 30 under its GRE methodology.
  • Pemex’s standalone credit profile was lifted from ccc- to ccc even as Fitch highlighted its heavy $98.8 billion debt load, tight liquidity and refining losses.
  • Fitch said additional governance reforms and stronger oversight by President Sheinbaum’s administration would be needed for a further upgrade to BB+.