Overview

• The review covers Pemex’s B3 corporate family rating, ca baseline credit assessment, and B3 senior unsecured debt, including Pemex Project Funding Master Trust and the (P)B3 MTN program, with potential improvements of up to two notches.
• Moody’s cites Pemex’s 2025–2035 plan and new financing tools such as the $12 billion P‑Cap structure and a proposed investment fund intended to channel private capital into upstream projects.
• The agency expects the transactions to close in the third quarter of 2025 and will evaluate published details of the investment fund plus a government plan to address 2026–2027 maturities expected within the next two months.
• Moody’s warns that liquidity and operational gaps persist, flagging at least $7 billion of cash needs in 2026 for supplier obligations and debt payments without deeper structural fixes.
• Fitch recently raised Pemex to BB and calls the new support neutral for Mexico’s sovereign rating, noting the vehicles are not direct public debt yet constitute explicit contingent liabilities.