FILE PHOTO: The Pemex logo is pictured during the 80th anniversary of the expropriation of Mexico’s oil industry in Mexico City, Mexico March 16, 2018. REUTERS/Edgard Garrido
March 4, 2019
MEXICO CITY (Reuters) – Ratings agency Standard & Poor’s on Monday downgraded the stand-alone credit profile of ailing state oil firm Petroleos Mexicanos (Pemex) to b- from bb- after changing the outlook for the Mexican government to negative.
S&P said in a statement that Mexico’s plan to restore Pemex’s finances is insufficient compared with its capital needs, and that the company is exposed to political decisions that could conflict with its financial objectives.
(Reporting by Daina Beth Solomon; Editing by Dave Graham)