Fitch explained that the decision to maintain Pemex’s rating is based on the fact that its inclusion in the 2025 budget, for the second consecutive year, is positive for credit.
“It indicates greater visibility about the timing and magnitude of government support,” he points out.
The approved budget included $6.7 billion, covering most of its $8.9 billion debt maturities for the year.
“Although it is not yet clear, the balance is likely to be covered by tax reductions and deferrals, and possibly some type of refinancing. Additional support is needed to address the company’s $18.2 billion short-term debt reported in the third quarter. 2024”.
Fitch projects that Pemex will need to address a cash shortfall of $75 billion between 2025 and 2027, plus $20 billion in maturities over that same period, assuming no capital injections or government contributions after 2025.
“A continued supportive trend and increased visibility could prompt a reassessment of the linkage score, which could, in turn and based on Fitch’s Government-Related Entity Criteria, trigger a change in the rating adjustment approach.” of Pemex,” says Fitch.
