It was a black Friday for Pemex: Moody’s downgraded it to “junk bond” levels
MEXICO. (Agencies) – Moody’s downgraded Petróleos Mexicanos (Pemex) to speculative grade, hours after Fitch lowered its credit rating for the second time this month.
The evaluation of the productive state company fell two steps, from “Baa3” to “Ba2” with a negative perspective.
At the same time, it downgraded the sovereign rating of Mexico because of a weak economic growth of the country and the financial and operational deterioration of Pemex to fiscal strength of the country, in addition to a weakness in the legal framework and institutional capacity.
Moody’s also lowered the benchmark credit score (BCA), reflecting its credit profile to caa2 from caa1. “These actions were triggered by the company’s high business risk and liquidity,” Moody’s said.
Speculative grade is the formal term for financial debt considered “junk bond”.
As of June 2019, Fitch Ratings placed Pemex’s credit note in speculative grade. Since then, it has downgraded its rating twice during April 2020.
The Yucatan Times
more recommended stories
Mexico Combined Heat and Power Market Overview
The Mexico Combined Heat and Power.
Grupo Xcaret to participate in the first edition of “Tianguis Turístico Digital”
Cancun, Quintana Roo (September 22, 2020). With.
‘Unacceptable’ if Mexicans subjected to medical abuse in U.S. custody, minister says
MEXICO CITY (Reuters) – Mexico is.
The Digital Tianguis Turistico Mexico 2020 starts Wednesday, September 23
Digital Tianguis Turistico Mexico 2020: what.
Viva Aerobus launches new flight CDMX-Chetumal
The Governor of Quintana Roo, Carlos.
Motorcycle with 4 on board skids on Periférico, one baby injured
A woman and a baby were.
López Obrador to be held responsible for the case of a child who died of cancer.
López Obrador was denounced for homicide.
Cementos Fortaleza inaugurates Progreso plant
PROGRESO, YUCATAN (September 21, 2020)Elementia-owned Cementos.
8 thousand people visit the Progreso municipality on Sunday
According to the report, police officers.
Florida man fights off alligator by poking its eyes
ORT ST. LUCIE, Fla. — Mark.