Ratings agencies gave a cautiously positive assessment on Wednesday of Mexico�...
MEXICO CITY - Ratings agencies gave a cautiously positive assessment on Wednesday of Mexico’s $5 billion cash injection into state oil company Pemex, but it did not dispel the risk of another downgrade of its bonds to speculative grade, or junk, in the next few months.
The $5 billion aid package appeared to be in addition to a $4.4 billion contribution, including cash and tax relief, unveiled in the government’s 2020 budget plan last weekend. In a statement, the agency rated Pemex’s new bonds at BBB+, or three notches within S&P’s investment grade rankings. “The company continues to severely underinvest in its upstream business,” Fitch said, referring to finding and extracting oil and gas deposits. That underinvestment “could lead to further production and reserves decline,” it added.
Other analysts said the latest government support for Pemex may only buy time until a more comprehensive reform of its tax obligations is enacted.
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