Overview

• Mexico’s Finance Ministry sold $12 billion of dollar-denominated pre-capitalized notes maturing in 2030, exceeding initial plans due to strong demand.
• Fitch Ratings placed Pemex on rating watch positive after the transaction, noting it demonstrates federal backing but warning persistent financial weaknesses remain.
• Pemex reported a $3.16 billion net profit in Q2 2025, its first quarterly gain in over a year, largely thanks to the peso’s appreciation.
• Despite the profit, revenues fell in the quarter as sales volumes and commodity prices declined.
• The company carries about $100 billion in debt and continues to struggle with declining production and downstream losses.