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MEXICO: Moody’s Says Pemex Will Need $11.7bn Of Government Support Next Year

MEXICO
EM BulletMexicoBulletGlobalEmerging Market NewsRegionNorth America
  • After completing a periodic review of Pemex’s rating, Moody’s said in a statement that the company will have to increase its reliance on external funding to counterbalance its negative free cash flow. It also said that if Pemex does not implement changes to its business strategy, the refining sector will continue to register operational losses and remain vulnerable to medium-term trends in oil and gas demand.
  • Moody’s said that it assumes that the government will continue to fund Pemex’s cash needs and help it to comply with debt obligations due in 2025. Moody’s estimates that Pemex will need around $11.7bn of government support next year, according to Bloomberg.
  • Moody’s said that the review does not announce a credit action nor indicate whether an action is likely in the near future. It said that the negative outlook on Pemex’s B3 rating acknowledges large maturities due in the 2025-27 period.
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  • After completing a periodic review of Pemex’s rating, Moody’s said in a statement that the company will have to increase its reliance on external funding to counterbalance its negative free cash flow. It also said that if Pemex does not implement changes to its business strategy, the refining sector will continue to register operational losses and remain vulnerable to medium-term trends in oil and gas demand.
  • Moody’s said that it assumes that the government will continue to fund Pemex’s cash needs and help it to comply with debt obligations due in 2025. Moody’s estimates that Pemex will need around $11.7bn of government support next year, according to Bloomberg.
  • Moody’s said that the review does not announce a credit action nor indicate whether an action is likely in the near future. It said that the negative outlook on Pemex’s B3 rating acknowledges large maturities due in the 2025-27 period.