The oil company, with a financial debt of 105,000 million dollars, has maturities of 8,000 million dollars this year and is currently talking with the Ministry of Finance about the maneuvering margins to face them.
“Since government transfers to Pemex to cover upcoming bond maturities is not included in the federal budget, financial support to the state oil company may require a reallocation of spending from the 2023 budget,” Moody’s said in a report.
That “would contribute to the increase in the rigidity of spending that we have highlighted as a key challenge for the sovereign,” he added.
The government of President Andrés Manuel López Obrador, a nationalist in energy matters, has given a series of tax benefits and capital injections to Pemex and a few days ago he reiterated that he will continue to support the company financially.
“Although the government reduced support for Pemex in 2022 due to rising oil prices, Pemex’s weak liquidity position and falling crude prices portend increased government support in the next 12-24 months,” Moody’s said.
The day before, the rating agency S&P Global Ratings said that it expects an “almost certain” probability that the Mexican government will provide “extraordinary, timely and sufficient” support to Pemex in case of difficulties.