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Moody's assigns Ba3 to Pemex notes
Moody's Investors Service said it assigned a Ba3 senior unsecured rating to Petroleos Mexicanos' (Pemex) $2 billion of 8¾% new notes due 2029.
“The new notes do not materially increase Pemex's total debt or debt leverage, and Moody's expects that the company's total debt will remain stable or decrease somewhat by year-end 2022,” the agency said in a press release. Pemex’s ratings have been at Ba3 since Moody’s downgraded them from Ba2 on July 27.
The company will use the proceeds for general corporate purposes, including the reduction of accounts payable to large suppliers.
The outlook is negative.
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