Pemex Remains a Burden for Mexico: Fitch Ratings

Pemex admitted debts with suppliers in Veracruz for 1.5 billion pesos. Affected companies demand payments or will transfer their protest to the CDMX. During a visit to Mexican Petroleum (Pemex) facilities in southern Veracruz, the company’s general director, Víctor Rodríguez Padilla, publicly acknowledged that there are outstanding debts with suppliers from the region, especially those who provided services in the refineries and petrochemical co…

MEXICO CITY.— Although Mexico maintained its BBB- credit rating with a stable outlook, Fitch Ratings warned that the country's economic outlook remains complex, mainly due to risks associated with Petróleos Mexicanos (Pemex), fiscal pressure, and the global economic environment. During his participation in the Norte Económico podcast, from Grupo Financiero Banorte, Todd Martínez, co-director of the Americas Sovereigns Division at Fitch, explaine…

Mexican Oils (PEMEX) is in a vicious circle marked by its losses and decline in its production, so it involves a risk the sovereign qualification of Mexico, said Todd Martínez, co-director of the division of sovereigns for the Americas of Fitch Ratings. “The problem of PEMEX is that it is in a vicious cycle. Since it does not have a strong financial position it does not have money to invest, but if it does not invest, it cannot improve its produ…