Fitch Ratings improved the qualification on the long -term PEMEX debt of ‘BB’ A ‘BB+’ with a stable perspective.
The agency attributed the improvement to the execution by the oil company of an acquisition public offer for $ 9.9 billion in eight series of values, financed with government funds.
“The transaction indicates a greater link between Pemex and the Sovereign (the Government), which translates into an increase in the evaluation of supervision, linking and support (OLS) of the company,” he argued in a comment on his decision announced this Thursday.
With the decision, Fitch now describes Pemex only one level below the sovereign qualification of Mexico, instead of two levels below, resulting in improvement.
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Fitch explained that Mexico has adopted legislative measures that allow Pemex to share the debt limit to the Treasury, and that these changes seek to significantly address the leverage and cost of financing of the company.
“The tender of eight Pemex values series for 9,900 MDD was executed as planned and financed with cash from the United Mexican States. This materializes the legislative intention and provides tangible evidence of a higher direction, support and government control over Pemex’s financial policy,” he said.
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