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S&P lowers Pemex stand-alone rating
Standard & Poor’s said it affirmed the BBB+ foreign-currency and A local-currency global scale and mxAAA/mxA-1+ national scale corporate credit and debt ratings on Petroleos Mexicanos (Pemex).
The agency also said it affirmed the BBB+ foreign-currency and A local-currency global scale corporate credit ratings on its subsidiaries, PMI Trading Ltd., PMI Norteamerica SA de CV and Mex Gas Supply, SL.
S&P also said it revised the company’s financial risk profile to aggressive from significant, its anchor score to BB from BBB- and its stand-alone credit profile to BB+ from BBB-.
The revisions were based on the weakness of the company’s financial risk profile due to the current oil price volatility, S&P said.
The agency said it expects the company’s adjusted debt-to-EBITDA to be in the 3x to 3.5x range over the next few years.
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