Moody’s drops Pemex to Baa3/Aa3.mx

Moody's Investors Service said it downgraded Pemex (Petroleos Mexicanos)’s long term national scale and global scale ratings as well as ratings based on Pemex's guarantee to Baa3/Aa3.mx from Baa1/Aaa.mx.

The agency also downgraded Pemex’s baseline credit assessment (BCA), which reflects its standalone credit strength, to b3 from ba3.

The actions were prompted by Moody's view that the company's current weak credit metrics will worsen as it continues to fund capital expenditures from external sources.

The outlook on all ratings is negative. This concludes the review for downgrade initiated on Jan. 21.

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