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Fitch Ratings estimated that Petróleos Mexicanos (Pemex) will continue to face challenges under the newly elected presidency of Andrés Manuel López Obrador, such as he had in previous administrations.
international credit rating agency credit risk estimated that the credit profile regardless of the link with the federal government ( autonomous credit profile or SCP ) of Pemex, which is currently consistent with B-,
He pointed out that the heavy tax burden of Pemex is the main reason for the deterioration of the SCP and increased the company's debt to a total of $ 106 billion in March 2018.
Wait, the next administration should reduce Pemex taxes so that they comply with international industry practices, with which the SCP of the oil company could stabilize, the agency said .
In a report, he pointed out that Pemex is currently rated at the same level as Mexico's sovereign rating, and stated that the Mexican government is strongly encouraged to support the company, given the very important socio-economic consequences. -political and financial He explained that Mexico is a net importer of hydrocarbons and that Pemex depends on the import of basic petroleum products, including dry gas, petroleum products and petrochemicals.
In addition, a financial hardship situation at Pemex would affect the ability of the government or other government entities (ERGs) in the country to raise funds,
Fitch commented that the platform The next administration 's energy visualization will modernize the expansion or refining of Mexican refineries and the reassessment of energy reform undertaken by the current administration.
Although the energy reform has been positive for Pemex, the company will receive most of the benefits in the very long run, since He mentioned that the President of Mexico appoints the ten members of the board of directors. company administration, five of which are independent and ratified by the Senate for a period of five years.
Some committees are composed entirely of independent members. The audit and human resources committees are composed entirely of independent directors, while the strategy and investment committees are chaired by independents.
This corporate governance structure provides some control and provides checks and balances.
The law of Petróleos Mexicanos which establishes these corporate governance policies can be changed by Congress with the approval of the simple majority, noted the rating agency. , e, v, n, t, s)
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