The revision reflects greater official disposition to support the company, not only with liquidity, but also through reforms that allow sharing the debt limit with the Ministry of Finance. These measures increase government supervision on Pemex and improve strategic decision making. If the government consolidates this trend, Fitch foresees a possible positive adjustment in the company’s governance evaluation.
However, the agency maintained the Individual Credit Profile rating (PCI) of Pemex in the ‘CCC’ category, despite raising it a step. The debt volume, close to 98,800 million dollars at the end of June, continues as a structural pressure. Only in that quarter, interest expenses reached 2,000 million, more than half of the Ebitda reported.
Fitch also warned about an operational deterioration that drags financial performance. He pointed out that the lack of investment – both in exploration as in refining – has caused critical incidents and a sustained fall in production. Although the new administration set a limit to extraction, it has redoubled the commitment to the Downstream sector, a decision that questions sustainability without greater public support.
