Overview
- S&P kept Mexico at BBB in foreign currency and BBB+ in local currency with a stable outlook, citing prudent macro policy and market access.
- Moody’s upgraded Pemex to B1 with a stable outlook, linking the move to the government’s 2025–2035 plan and coordinated transactions.
- The upgrade reflects a $12 billion P‑CAP structure, a project investment fund, and a debt buyback offer of up to $9.9 billion financed via sovereign transfers.
- Moody’s said structural weaknesses and liquidity pressure persist at Pemex, with financing needs of about $7 billion annually in 2026–2027.
- S&P projects sub‑1% growth in 2025 and about 1.4% in 2026, expects net general government debt near 50% of GDP, and notes SHCP says the ratification preserves favorable market access.