Pemex debt slashed to junk as Moody's downgrades battered Mexico oil company
MEXICO CITY - Ratings agency Moody’s on Friday downgraded Mexico’s credit rating due to the country’s poor economic outlook and cut the debt of state oil firm Pemex to junk status in a serious blow to President Andres Manuel Lopez Obrador.
Though Mexico retains an investment-grade rating, Pemex’s drop to junk is expected to ramp up financing costs for the firm formally known as Petroleos Mexicanos. Moody’s became the second main ratings agency after Fitch to downgrade Pemex to junk. That is likely to trigger a fire sale of billions of dollars of bonds among investors whose mandates stipulate they must hold assets of investment quality.
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