The qualifier Moody’s ratings The credit note of Petróleos Mexicanos (Pemex) and assigned a stable perspective, highlighting the government’s commitment to support the company in the fulfillment of its heavy financial obligations.
The increase in qualification, which went from “B3” to “B1”, occurs a month after the Government of Claudia Sheinbaum announced a plan for rescue the oil company which included the placement of 12,000 million dollars in bonds.
It also contemplates the creation of an investment fund for 13,000 million dollars that will serve to prop up 21 exploration and production projects in conjunction with private companies, as well as a new tax regime to reduce its tax burden.
“The improvement in the qualifications reflects a greater commitment by the current administration of the Government of Mexico to support Pemex In the fulfillment of its financial obligations, “said Roxana Muñoz, Senior Executive of Moody’s Rating, cited in a statement.
He stressed that the 2025-2035 strategic plan, presented by the Sheinbaum administration, “marks a change in the government approach”, with coordinated transactions to move towards “the strengthening of Pemex’s financial position” in the next five years.
Muñoz warned, however, that Pemex “It continues to face persistent structural challenges, which we hope will continue to press their financial performance.”
Pemex, the largest company in the country, doubled its debt in the last 20 years until it reached almost 106,000 million dollars, while its oil production was reduced by less than half.
Until the second quarter of this year, the oil company still carried a heavy debt of 98.8 billion dollars, according to its financial report.
Its directive foresees, however, that by next December the debt drops to 88,800 million dollars and 77.3 billion in 2030.
