Mexico will have to pay more for less coverage under its giant oil revenue insurance policy for 2021, but will likely go ahead anyway to avoid further damaging its financial standing with international investors, sources said.
) are among those the finance ministry tapped to execute the hedge last year, sources familiar with the deal said.
Mexico is still rated investment grade, but all three major credit rating agencies - Fitch Ratings, Moody’s Investors Service and S&P Global Ratings - downgraded the country this year, and could lower its rating in coming months. Mexico estimates its main Maya crude export will average $30 per barrel in the coming year. Brent crude LCOc1 is expected to average about $46 in 2021, according to Reuters polling. As of Friday, Brent was trading at $38 a barrel, while Maya bound for the U.S. Gulf Coast traded at $33.37 on Thursday, according to S&P Global Platts.
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