Fitch slashes Pemex as Mexico concerns grow

Pemex, Mexico, Amlo, oil, gas station, petrol, LatAm
By Oliver West
06 Apr 2020

As investors single out Mexico’s response to Covid-19 as one of the least convincing in Latin America, Fitch threw government-owned oil company Pemex and its $80bn of bonds deeper into sub-investment grade territory on Friday.

Pemex’s mammoth debt burden has been a concern for investors for years, and these concerns have increased as the energy policy of president Andrés Manuel López Obrador discourages private investment in production and insists on Pemex building an unprofitable refinery. 

But with López Obrador having taken several measures to ...

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