Overview

• Moody’s placed Pemex’s CFR (B3), BCA (ca) and senior unsecured ratings (B3) — along with the Pemex Project Funding Master Trust and the MTN program — on review for a possible upgrade.
• The move follows the Plan Estratégico 2025–2035 and a financing strategy featuring $12 billion in pre‑capitalized notes and a proposed investment fund to support upstream projects and reduce debt and payables.
• Moody’s expects the transactions to close in the third quarter of 2025 and to conclude the review then, and it anticipates a government roadmap within two months to cover 2026–2027 amortizations.
• If executed as outlined, ratings could rise by up to two notches, though persistent operating pressures, supplier arrears and at least $7 billion of cash needs in 2026 limit upside.
• The agency will assess whether the investment fund can attract private capital and whether strong state backing — a governance risk — can durably improve liquidity for a company carrying roughly $99 billion of financial debt.