LatinNews Daily - 03 October 2025

*International credit ratings agency Fitch Ratings has upgraded the long-term local and foreign currency issuer default ratings of Mexico’s state-run oil company Petróleos Mexicanos (Pemex) to ‘BB+’ from ‘BB’. This follows a previous upgrade on 1 August, when Fitch upgraded Pemex from ‘B+’ to ‘BB’. Fitch changed its rating outlook to stable from positive. In a statement, Fitch said the upgrade followed Pemex’s successful execution of a US$9.9bn tender offer across eight security series funded with cash proceeds from the Mexican government. It said that this transaction “indicates increased linkage between Pemex and the sovereign, resulting in an increase in the company's Oversight, Linkage and Support (OLS) assessment”. Fitch noted that it now rates Pemex only one level below Mexico’s sovereign rating instead of two levels below it, resulting in the upgrade. Increased support for Pemex from Mexico’s government led by President Claudia Sheinbaum also played a big part in August’s upgrade, which preceded an upgrade by fellow ratings agency Moody’s last month.

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