Overview

• Moody’s raised the long-term local-currency senior unsecured ratings on Pemex 12U, 14U, 14-2 and 15U to AAA.mx from AA+.mx.
• The decision cites recent transactions to strengthen liquidity and refinance short-term debt, including reported $12 billion in pre-capitalized notes and a 250 billion‑peso project trust.
• The assessment incorporates the government’s 2025–2035 strategic plan as well as gains in refining capacity and slower declines in reserves.
• The stable outlook reflects expectations of broad federal support over the next 12 to 18 months if Pemex faces stress.
• Moody’s warns the rating could fall if policy support weakens or Mexican crude prices drop for a prolonged period, and analysts note heavy obligations with $5.1 billion due in the rest of 2025 and $18.7 billion in 2026 within a $98.8 billion debt load.