Publication Date: 04-08-2023
Mexican state-owned oil company Pemex's bonds plunged on July 17 after Fitch Ratings placed a negative outlook on the company and cut its credit rating to B+. Fitch said the company's oil production will not grow and that recent incidents have generated uncertainty amid rising debt levels. The company, which is set to open a new refinery this month, owes $107.4 billion, making it the most indebted oil major in the world. How will the new rating affect Pemex, and to what extent will its newest oil refinery boost fuel production? What measures has Mexican President Andrés Manuel López Obradorr taken to rescue Pemex, and what more can be done before he leaves office next year?
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