Photo: (La Izquierda)
MEXICO CITY, May 28, 2021, (Reuters).- Moody’s Investors Service has cut the rating of Deer Park Refining Limited Partnership to “Baa3” from “Baa2”, the rating agency said late Thursday, May 27, while placing the stock on review for a further downgrade.
The decision comes after Shell Oil Co, a subsidiary of Royal Dutch Shell Plc, agreed to sell its controlling interest in Deer Park Refining to partner Mexican state oil company Petroleos Mexicanos, or Pemex.
This makes Deer Park Refining, a Texas-based facility, the first foreign refinery that Pemex will own solely in its history. The Mexican company said it plans to control and run the refinery after the deal is settled by late this year.
Shell is shrinking its refining and chemicals portfolio as part of a broader shift by oil majors to reduce hydrocarbon emissions and shift to lower-carbon fuels.
“The review for downgrade of the Baa3 ratings further reflects Moody’s expectation that following the sale, Deer Park ratings will be driven predominantly by its standalone credit dynamics and the much-weaker credit profile of Pemex,” the agency said in a statement.
“The Baa3 rating still benefits from a multi-notch rating uplift, which is primarily linked to Shell and also factors in several credit-enhancing arrangements, including shareholder loans and liquidity support arrangements, committed by both Shell and Pemex.”
Source: Reuters
Comments
more recommended stories
IMDUT removes “old and dangerous” public transport buses from circulationThe state agency reported that this.
‘Never condemn your LGBTQ children’ Pope Francis tells parents around the worldVATICAN CITY (VATICAN NEWS) — Pope.
UADY Faculty of Medicine offers tests to detect Covid-19The laboratory of the Faculty of.
14-year-old boy commits suicide in Chemax, YucatanAn adolescent of just 14 years.
Active and healthy lifestyle in people with chronic diseases, avoids complications from CovidTo avoid complications in the event.
Man is sentenced to 6 months for “groping” a flight attendantA Canadian man has been sentenced.
A 3-foot-long creature with scales found during drug bust at Texas homeA tip from Crime Stoppers led.
Progreso dogs are being sent to Canada thanks to generous, altruistic work at Ginger’s JungleAn animal rescue initiative in Progreso.
According to Interpol and DEA, mafias from 12 countries operate in Quintana RooA DEA report revealed that the.
Trans activist member of AMLO’s Morena party murdered in Mexico CityXimena García activist of the LGBTIII.
Leave a Comment