Pemex debt slashed to junk as Moody's downgrades battered Mexico oil company [Reuters]
Petroleo Brasileiro S.A. Petrobras American Depositary Shares representing Preferred Shares (PBR.A)
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Source: Reuters
Pemex debt slashed to junk as Moody's downgrades battered Mexico oil company MEXICO CITY (Reuters) - Ratings agency Moody’s on Friday downgraded Mexico’s credit rating due to a deteriorating economic outlook and cut the debt of state oil firm Pemex to junk status, dealing a serious blow to President Andres Manuel Lopez Obrador. Moody’s Investor Service said it had cut Mexico’s creditworthiness to “Baa1” from “A3”, and lowered the rating of the heavily indebted, loss-making Pemex to “Ba2” from “Baa3”. Though Mexico retains an investment-grade rating, Pemex’s drop to junk is expected to ramp up financing costs for the firm formally known as Petroleos Mexicanos. “It’s likely that next week we will see strong outflows from Pemex bonds,” said Luis Gonzali, a portfolio manager at asset manager Franklin Templeton. “While I believe Moody’s was benevolent with the sovereign’s rating, it wasn’t with Pemex’s rating, which, inevitably, now enters the universe of speculative bonds.” Moody’s became
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