Overview

• The review covers Pemex’s B3 corporate family rating, its ca standalone credit assessment, and B3 senior unsecured notes, along with ratings tied to the Pemex Project Funding Master Trust and the MTN program.
• Moody’s cited the Plan Estratégico 2025–2035 and a financing strategy featuring $12 billion in pre-capitalized notes plus a proposed investment fund to help finance upstream projects.
• If the liability-management deals proceed as outlined, the ratings could rise by up to two notches, though Moody’s highlights ongoing operational pressures, supplier payment backlogs and execution risk.
• During the quarter, Moody’s expects details on the investment fund’s structure to assess private-sector appeal and is looking for a government plan to address 2026–2027 maturities within weeks.
• Pemex carries roughly $99 billion in financial debt and about $23 billion owed to suppliers, and Moody’s estimates at least $7 billion of cash will be needed in 2026 while the company’s credit remains closely tied to Mexico’s sovereign strength.