Mexico and Pemex face downgrade risk in 2020

January 3, 2020

Mexico threw troubled state oil company Pemex a lifeline in 2019 to stop $80 billion in bonds held by investors worldwide being labeled junk by credit rating agencies. Now, investors worry that the state itself is a risk for Pemex.

Mexico’s creditworthiness came under increasing scrutiny in 2019, with two rating agencies flipping their sovereign outlook for the country to negative and one downgrading its rating.

Economic growth has ground to a halt during Mexico’s first year under leftist President Andres Manuel Lopez Obrador, hitting income and sales tax receipts. Meanwhile, a fall in oil output has cut . . .

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