Overview

• Moody’s Local México upgraded the long-term senior unsecured local-currency ratings on PEMEX 12U, 14U, 14-2 and 15U to AAA.mx from AA+.mx.
• The agency said the move follows transactions designed to strengthen liquidity and facilitate refinancing of short-term debt.
• Recent support measures reported include $12 billion in pre-capitalized structured notes, a 250,000-million trust with bank and investor contributions, and a 136,000-million budget allocation.
• The assessment incorporates Pemex’s 2025–2035 strategic plan, progress increasing refining capacity, and efforts to contain declines in oil reserves.
• The stable outlook reflects an expectation of broad federal backing over the next 12–18 months, with downgrade risks tied to policy shifts that weaken support or a sustained drop in Mexico’s crude price alongside ongoing operational and financial challenges.