Fitch Upgrades Pemex Rating to BB
Last Friday, the credit rating agency Fitch Ratings upgraded Pemex’s long-term issuer default ratings in both foreign and local currency from B+ to BB, with a stable outlook. This two-notch upgrade reflects the strong support provided by the Government of Mexico and underscores the confidence generated by its firm commitment to Petróleos Mexicanos (Pemex), Mexico’s state-owned oil and gas company. The decision aligns with Fitch’s criteria for Government-Related Entities (GREs).
Source: Ministry of Finance and Public Credit
