The rating agency S&P Global Ratings said in a statement on Wednesday that it expects an “almost certain” probability that the Mexican government will provide extraordinary, timely and sufficient support to the state oil company. Pemex in case of difficulties.
On Tuesday, the oil company placed US$2 billion in a 10-year bond issue in the international market, resources that it will use to refinance part of its heavy credit load.
Pemex accumulates a financial debt of about US$ 103,000 million. In 2023, only in amortizations linked to previous issues, the firm must cancel about US$ 8,000 million.
READ ALSO: Mexican Pemex seeks US$1.5 billion with a 10-year bond issue to refinance debt
“We expect an almost certain probability that the government will provide timely and sufficient extraordinary support to Pemex in case of difficulties,” S&P said in a statement.
“We base this assumption on the critical role that Pemex has for the Mexican government, both economically and for the execution of the government’s energy policy”he explained.
The Ministry of Finance said days ago that it was looking for a way to help the state giant with the heavy payments, but did not give specific details.
S&P has assigned a ‘BBB’ rating to the new senior unsecured notes of Pemex for US$2 billion.
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Source: Gestion
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