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Pemex Downgraded By Moody's to Ba3

MEXICO
  • 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.
    • Of the three major ratings firms, only S&P Global Ratings still considers Pemex to be investment-grade.
  • Multilateral lender CAF approved a $200 million line of credit for Mexico's CFE to help the state utility strengthen its liquidity and support the country's pandemic recovery, according to an emailed statement.

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