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4d ago

Moody’s Puts Pemex Ratings Under Review for Possible Upgrade

Moody’s says a successful $12 billion P-CAP transaction with private-sector backing tied to a forthcoming plan for 2026–27 maturities will determine whether Pemex’s B3/CA ratings can be raised.

Moody's anunció que la calificación de Pemex podría subir hasta dos niveles. Foto: Pemex
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EE.UU. sigue estando en el extremo alto de la escala de 21 calificaciones de Moody’s, puesto que baja un nivel desde “Aaa”, que es la nota más alta
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Overview

  • Moody’s has placed Petróleos Mexicanos’ corporate family rating (CFR B3), baseline credit assessment (BCA CA) and certain senior unsecured debt grades under review for potential upgrade.
  • The move reflects the government’s Plan Estratégico 2025–2035 and hinges on closing a $12 billion pre-capitalized notes (P-CAP) deal and launching an upstream investment fund to draw private capital.
  • Moody’s expects these liability-management transactions to conclude in the third quarter of 2025, with final rating decisions contingent on detailed fund specifications and clear government strategies for debt due in 2026 and 2027.
  • Despite pledged support, Moody’s warns that without structural reforms Pemex will face at least $7 billion in cash needs in 2026, limiting upside for its credit profile.
  • Mexican Treasury officials have indicated a third financial measure to tackle upcoming amortizations will be announced soon, underscoring ongoing sovereign backing.