LatinNews Daily - 09 September 2025

*International credit ratings agency Moody’s has revised up its rating for Mexico’s state oil company Petróleos Mexicanos (Pemex) by two notches, from B3 to B1, with a stable outlook, citing efforts by the government of President Claudia Sheinbaum to support the company in meeting its financial obligations. In particular, Moody’s noted the government’s new 2025-2035 strategic plan for the company, which it said “marks a shift in the government’s approach, with three coordinated transactions that represent a meaningful step toward strengthening Pemex’s financial position for the next five years”. It also cited the government’s recent US$12bn debt offering, which was made in the form of pre-capitalised notes or P-Caps, to support Pemex. While Moody’s noted such measures were “an important step toward improving Pemex’s liquidity conditions”, it stated the company still faces “significant cash needs related to operational losses, supplier payments and debt amortizations”, saying structural measures were needed to effectively reduce these cash requirements. Mexico’s finance ministry (SHCP) welcomed the decision, which it said reflected the Sheinbaum administration’s “greater commitment” to supporting Pemex. The Moody’s upgrade comes just six weeks after another international credit ratings agency, Fitch Ratings, upgraded Pemex to ‘BB’ from ‘B+’ on 1 August, also citing government efforts.

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