Moody's downgraded Pemex's rating to B3 from B1, citing worsening credit quality and anticipating higher fiscal deficits in Mexico.

Ratings agency Moody's lowered the rating of Mexico's state-owned oil company Pemex by two notches to B3 from B1, citing worsening credit quality. Moody's has a negative outlook for the firm, which is heavily reliant on government support. With Pemex's financial liabilities exceeding $100 billion, Moody's anticipates higher fiscal deficits in Mexico as a result of high borrowing costs, social spending, and government projects.

February 10, 2024
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