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The ratings agency Fitch Ratings has reduced this Friday the perspective from Petróleos Mexicanos (Pemex) to negativealthough it has ratified global and national standards "BBB +" and "AAA (mex)", respectively.
In a statement, the rating agency said the review from stable to negative reflected uncertainty about Pemex's future business strategy, as well as the deterioration of its independent credit profile.
"Potential future changes in Pemex's business strategy could accelerate the weakening of the company's capital structure."
Fitch said he would continue to follow the evolution of Pemex's strategy and if this gave it a sustainable capital investment level (Capex) allowing it to rebuild its reserves and stabilize its production. , maintaining a free cash flow from neutral to positive.
Fitch's decision comes one day after the rating agency Moody's said that Pemex's credit quality was threatened by the government's takeover plan in December to end the company's exports and promote a model focused on refining.
The national "BBB" ratings indicate that there is a moderate risk of default with other issuers or bonds in the same country. However, changes in circumstances or economic conditions are more likely to affect the ability to pay in time than for better rated financial commitments. This grade ranks eighth on the Fitch scale.
"AAA" ratings indicate the highest rating the agency has been awarded nationally for that country. This rating is given to issuers or bonds with the lowest risk of default risk compared to other issuers or bonds of the same country. This rating ranks first in the Fitch scale.
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