Overview

• SHCP said 2026 spending plans include a dedicated transfer of 263,500 million pesos for Pemex, an 86% increase over 2025 routed via Sener for debt service.
• Finance chief Édgar Amador Zamora noted that 46% of Pemex’s debt maturities fall within the current administration, with repayments clustered in 2025–2026.
• Moody’s said the new allocation raises pressure on Mexico’s deficit outlook and questioned the long‑term feasibility of continued sovereign support under tighter budgets.
• Moody’s added that the roughly $14 billion earmarked for Pemex debt in 2026 comes on top of support exceeding $30 billion from recent liability‑management operations.
• An analysis by México Evalúa projects public debt will top 20 trillion pesos next year and highlights that Pemex transfers outsize the proposed IMSS‑Bienestar health budget.