Fitch revises Pemex view to negative

Fitch Ratings said it affirmed Petroleos Mexicanos' (Pemex) long-term foreign and local currency issuer default ratings at BBB+ and national long-term ratings at AAA(mex).

In addition, Fitch revised the outlook on Pemex's international issuer default ratings to negative from stable.

The outlook revision reflects the increased uncertainty about Pemex's future business strategy coupled with the company's deteriorating standalone credit profile, which could reach CCC from its current B-, the agency explained.

Future potential changes in Pemex's business strategy could accelerate the weakening of the company's capital structure, Fitch noted.

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