The weak liquidity position of the Mexican oil company Pemex predicts an increase in government support for the state-owned firm in the next 12 to 24 months, the credit rating agency said on Thursday Moody’s.
Pemex this week placed US$2 billion in a bond issue on the international market that it will use to refinance part of its heavy credit load. The oil company has a financial debt of about US$ 103,000 million.
Currently, Pemex and the Ministry of Finance are analyzing the margins of maneuver to face the debt amortizations of the state company this year, of about US$ 8,000 million.
READ ALSO: S&P believes that the Mexican government will provide timely and sufficient support to the Pemex oil company
“Although the Government reduced support for Pemex in 2022 due to the rise in oil prices, Pemex’s weak liquidity position and the decline in crude oil prices (…) augur an increase in government support in the next 12 -24 months”assured Moody’s in a report.
The day before, the rating agency S&P Global Ratings said that it expects an “almost certain” probability that the Mexican government will provide “extraordinary, timely and sufficient” support to Pemex in case of difficulties.
READ ALSO: Pemex: What role does it play in the Mexican economy and what are the products it sells?
Source: Gestion
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