Overview

• The upgrade follows Pemex’s $9.9 billion repurchase of bonds maturing 2026–2029 financed with federal cash, and Fitch removed its prior positive rating watch.
• Fitch raised its Oversight, Linkage and Support assessment after legislative changes that let Pemex share a debt ceiling with the Finance Ministry.
• Pemex’s standalone credit profile remains at ccc due to weak liquidity, declining production and persistent losses in refining and commercialization.
• Financial burdens are still high with about $98.8–99 billion of debt, nearly $23 billion owed to suppliers, and roughly $2 billion in quarterly interest costs as of June.
• Future rating improvement depends on continued or stronger government support or an upgrade of Mexico’s sovereign rating, while reduced backing could undo the gains.