The agency stressed that Congress approved legal changes that allow Pemex to share a indebted roof with the Ministry of Finance. This measure seeks to reduce the cost of financing and debt load. As of June 2025, the company reported 98,800 million dollars in debt and 2,000 million in interest expenses, more than half of the quarterly Ebitda.
Despite the improvement in the link with the sovereign, Fitch maintained the individual evaluation of Pemex in ‘CCC’, due to its weak liquidity, lower income from low prices of crude oil and decline production. The agency anticipates that the lack of investment in exploration and maintenance will continue to affect the operation and finance, with leverage levels greater than 15 times on the qualification horizon.
Environmental, social and governance risks continue to weigh on the credit profile. Incidents in critical facilities and polluting emissions represent potential costs and additional pressures on liquidity. Infrastructure and occupational safety problems also persist.
Fitch stressed that future improvements will depend on even greater government support or an eventual increase in sovereign qualification. On the contrary, a reduction in federal support or a decrease in Mexico’s note could reverse the progress.
Pemex continues as the largest company in Mexico, with a strategic weight for public finances and the energy sector. The new qualification is put on a step of the sovereign, but its financial situation remains fragile without constant government support.
