Last Wednesday, the Undersecretary of Finance, María del Carmen Bonilla Rodríguez He announced that a new financial action is on the way to continue with the support of Pemex: “There will be a third measure that I cannot advance, that it will be announced at the time, which also has to do with the amortizations of the market debt. And therefore, both the Secretary of the Treasury, and the president of the Republic were very vowel in saying that this strategy will generate a wise.” He said in appearance with legislators.
Observe government commitment
Review qualifications for improvement reflect a firmer commitment of the current Government of the Government of Mexico to support Pemex of the expected. The government promised to make future contributions similar to capital through a risk transfer structure for Pemex, which resulted in an improvement in the debt amortization calendar and the company’s liquidity profile. He also proposed an investment fund, which is expected to help finance part of Pemex’s investment needs with the aim of reversing the fall in production in the next 2 to 3 years, explained Roxana Muñoz, Senior Vice President of Credit of Moody’s Ratings.
“The revision for an improvement reflects the firm commitment of the government to support the company and our expectation that, once the transactions, the debt amortization calendar and the Pemex liquidity profile are completed. We anticipate that Pemex’s qualifications could rise to two levels. Although this strategy is a first step to improve the company’s liquidity conditions, Pemex still faces operational challenges, additional payments to suppliers and debt payments that will result in a need for cash of at least 7,000 million in 2026, “said the qualifier.
He added that, unless structural measures are implemented to effectively reduce cash needs, the qualifications will be limited. Given the strong links with the Government of Mexico, the risk of governance is a factor to consider in the qualification action.
