Overview

• Mexican authorities raised $12 billion in pre-capitalized notes last week and established a 250 billion-peso Banobras fund to shore up Pemex liquidity through 2025
• Fitch Ratings upgraded Pemex’s long-term debt to BB, its first increase in over 11 years, reflecting stronger sovereign support
• The Strategic Plan 2025–2035 targets ending reliance on Hacienda funding by 2027 and cutting total debt by 26 percent to about $77.3 billion by 2030
• The plan rests on three pillars: social development programs under “Petrolero para el Bienestar,” fiscal relief measures to ease financial obligations and public financing for productive investments in 2025
• Pemex aims to boost crude production to 1.8 million barrels per day and expand into gas, petrochemicals, renewables and lithium over the next decade