A week earlier, ratings agency Moody’s had downgraded the outlook for the company’s notes to “negative” from “stable”, citing a probable increase in the credit risk of the indebted state firm.
As a base hypothesis, Fitch indicated that “the Government will continue to support Pemex financially, but will not guarantee the company’s debt or provide a capital injection that will materially improve its financial position.”
The rating agency estimated that this support will remain at 15,000 million dollars per year, which will cover at least the debt amortizations of its international bonds.