The president of Mexico, Andres Manuel Lopez Obradorassured this Monday that the opinion of Fitch and Moody’s, which worsened the credit rating of Mexican oil (Pemex), is “a mockery” by denying that this affects the parastatal.
“It’s a joke, all this from the rating agencies, however, there are still those remnants, all that information that they used to manipulate in the times of neoliberalism”, said the president during his morning press conference.
The Mexican ruler responded like this after a few days ago Moody’s maintained Pemex’s rating at “B1″, but lowered the outlook to “negative” from “stable”, citing greater credit risks of the indebted state.
Meanwhile, on July 14, the Fitch agency lowered the credit rating of the state-owned company from “BB-” to “B+” with a negative outlook.
The president defended the situation Pemexconsidered the most indebted oil company in the world, stating that the debt of the oil company “has gone down”.
“The other thing that has to be taken into account is that there is more production in Pemex, oil extraction, first. Second, Pemex has higher profits because we have lowered oil interaction costs and the price of crude oil has been good in general terms.he declared.
The president assured that these “They are rating agencies that act based on interests” and “Worst of all, they have to be paid”.
In addition, he questioned that in previous governments there were good qualifications.
The downgrade came a week after an accident that killed two on a Pemex platform in Campeche, in the country’s southeast.
The last time one of the large international rating agencies lowered Pemex’s credit rating was in July 2022, when Moody’s it downgraded it from “Ba3″ to “B1″ with a stable outlook days after lowering Mexico’s sovereign credit rating to “Baa2″.
Pemex’s financial challenges occur despite López Obrador’s promise to “rescue” to the State company, to which it has offered resources from the Ministry of Finance and Public Credit (SHCP).
The company reported a net profit of US$ 1,187 million in all of 2022, a positive result that broke 9 consecutive years of losses.
Source: EFE
Source: Gestion
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