MEXICO CITY, (EFE) .- Fitch Ratings raised Pemex’s credit rating of ‘B+’ to BB, after the announcement of a financial operation for 12 million dollars, driven by the government to strengthen the financial situation of the state oil company, although it warned the fragility of the company.
The qualifier also withdrew the positive surveillance warning (Rating Watch Positive) and set a “stable” perspective for the future behavior of its debt.
In addition to the rise in the long -term emitter rating (IDR) in local and foreign currency, Fitch also improved the note of its bonds without specific guarantee, those known as “Senior Quirographer notes”, A ‘BB’ from ‘B+’/’RR4’.
Lee: Pemex debt with suppliers grows by more than 26,000 MDP
This, after Monday the Government made an international issuance of pre-capitalized structured notes (P-Caps) by 12 million pesial, expiring in 2030, aimed at strengthening Pemex’s financial situation.
“This fact led Fitch to strengthen its evaluation of the subfactor ‘precedents of support’ of the Mexican government in its methodology for government -related entities (GRE),” said the firm in a statement.
Read; Finance clarifies that Pemex bonds are not direct debt of the federal government
In his report, Fitch Ratings said that as a result of the operation, the link between Pemex and the sovereign was strengthened, “supporting a higher rating for the company. Fitch qualifies the long-term IDR of Mexico in ‘BBB-‘”.
In her note, the rating company said that if the Government of Claudia Sheinbaum takes new measures to professionalize decision making in Pemex or strengthen its direct supervision, the link score with the government (Overall Linkage Score, OLS) could be further increased, which would allow the qualification to ‘BB+’.
“Additional measures could lead Fitch to review the supervision subfactor to ‘very strong’, which would raise the OLS to 35 and allow another improvement, this time to ‘BB+’,” he said.
Pemex still has structural problems
However, despite the improvement, Fitch said that Pemex still has structural problems, since its business does not generate sufficient cash flow, its operational margins are pressed by lower prices and oil production, the refining continues to give losses and its liquidity is limited.
Therefore, although its independent credit profile (SCP) was also improved by ‘CCC-‘ A ‘CCC’, Fitch said Pemex remains vulnerable without government support.
Fitch Ratings had placed the credit grades of the oil company in positive observation, while acknowledging that it could have positive effects that could lead her to climb up to two steps her note to the category ‘BB’, from ‘B+’.
Lee: Pemex reports profits of 59,521 million pesos for decrease in sales and tax costs
Pemex reported on Monday accumulated net benefits of 16,187 million pesos in the first semester of 2025, as well as a financial debt that amounts to 98.8 billion dollars at the close of the same period.
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