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Mexico Doesn't Expect Sovereign Downgrade After Pemex: Yorio

MEXICO

As a reminder from late Wednesday:

  • Moody's Investors Service cut Mexican state oil giant Pemex deeper into junk due to high liquidity needs and increasing business risk, a day before the company was set to report earnings.
    • The company is now at Ba3 (three levels below investment grade) from Ba2. Statement can be found here - {NSN QWXIBB3V7U9S <GO>}
    • Of the three major ratings firms, only S&P Global Ratings still considers Pemex to be investment-grade.
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