Overview

• Fitch raised Pemex’s long-term foreign and local currency ratings to BB+ with a stable outlook and removed its positive observation.
• The action followed a tender that repurchased about $9.9 billion of bonds due 2026–2029, financed directly with federal resources.
• Fitch said new measures allow Pemex to share a debt ceiling with the Finance Ministry, indicating greater government direction over its financial policy.
• Pemex’s standalone credit profile remains at CCC as Fitch cites roughly $99 billion of debt, high interest costs, weak liquidity, and operational, environmental, and safety risks.
• Pemex now sits one notch below Mexico’s sovereign rating, while agency views diverge with S&P at BBB and Moody’s at B1.