Moody’s on Tuesday lowered the rating of Mexico’s state Federal Electricity Commission (CFE) to “Baa2” from “Baa1” and changed its outlook to “stable” from “negative,” following its decision to downgrade the country’s sovereign rating. Latin American.
On Friday, the agency cut Mexico’s rating to “Baa2” from “Baa1,” citing economic and fiscal trends that it expects will continue to undermine the nation’s credit profile, and on Monday it downgraded the rating to “B1” from “Ba3.” state oil company Pemex.
The downgrade in Pemex’s rating was driven by the oil company’s high debt maturities, whose bonds have plummeted since the company’s debt sale at the beginning of June.
(Information in development)
