Pemex Sinks Deeper Into Junk: Fitch ...Middle East

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Pemex Sinks Deeper Into Junk: Fitch
source : OILPRICE ( Middle East ) () 45
Fitch Ratings has downgraded Petroleos Mexicanos—or Pemex—squarely into junk territory after several accidents and "weak operating performance". Fitch also lowered its ESG score after those accidents, which included an explosion at a natural gas platform that ended with fatalities and damages to critical infrastructure and assets, to reflect "the environmental and social impact" of those events. Fitch slammed the company's safety record, which it said would prevent Pemex from securing financing from banks and investors. Pemex is still…

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