Pemex to dump Fitch but agency will keep rating it

Pemex, Mexico, oil, gas, tanker, LAtAm, aMLO, 575
By Oliver West
04 Mar 2021

Fitch Ratings said on Wednesday that it would continue to provide international ratings and research on Mexican government-owned oil giant Pemex even after the issuer said it was dispensing with the agency’s services. Previously, Mexican president Andrés Manual López Obrador had publicly criticised Fitch’s negative rating actions on Pemex, which accounts for nearly 10% of investor holdings of EM corporate bonds.

Pemex says that it decided not to renew its contract with Fitch due to an “optimisation in the contracting of ratings services by [the company] to face up to the complex economic context”.

The issuer, the world’s most indebted oil and gas company with around $113bn of debt, ...

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