Fitch uplifts Pemex’s rating by two notches

FILE PHOTO: The logo of Petroleos Mexicanos (Pemex) is pictured at the company's headquarters in Mexico City, Mexico July 26, 2023. REUTERS/Raquel Cunha//File Photo

NEW MEXICO: Fitch Ratings has upgraded Petroleos Mexicanos after the government sold US$12bil in global debt markets to help shore up the driller’s finances. 

The ratings firm lifted Pemex’s score by two notches, bringing it to BB, citing the government support for a company that is struggling under the weight of about US$100bil of debt. The outlook is stable.