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[BUSINESS] · Mexico · 13 sources

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Part of situation: Pemex financial stability and Mexican fiscal risk (6 clusters)

Mexico credit rating downgraded by HR Ratings amid fiscal concerns

credit rating downgrade sovereign debt Pemex fiscal deficit economic growth

HR Ratings has downgraded Mexico's long-term sovereign credit rating from BBB+ to BBB with a stable outlook. The decision is driven by deteriorating fiscal balances, rising public debt, and a downward revision of the country's economic growth trajectory. The agency projects that the Public Sector Financial Requirements deficit will reach 4.6% of GDP in 2026, marking a fifth consecutive year of deficits exceeding 4.0%.

In conjunction with the sovereign downgrade, HR Ratings also lowered the global long-term credit rating for Petróleos Mexicanos (Pemex) to HR BBB(G) with a stable outlook. However, the agency maintained Pemex's national long-term rating at HR AAA. While acknowledging Pemex's operational improvements, including increased liquid production and debt reduction, the agency noted that the company will likely continue to require government support to meet its obligations.

The Mexican Ministry of Finance (SHCP) defended the nation's economic stability, asserting that Mexico maintains investment grade status across all eight major rating agencies. The Ministry highlighted efforts toward fiscal consolidation and noted that the country's international reserves and IMF credit lines provide a buffer against external shocks.

Entities

HR Ratings · Mexico · Pemex · Secretaría de Hacienda y Crédito Público

Claims

What the coverage asserts, and how many sources carry each claim.

Sources

HR Ratings baja calificación global de Pemex [billieparkernoticias.com]
Fitch ratifica nota de ueno bank en ‘BB’, pero ajusta su perspectiva de estable a negativa [diarioparaguayo.com]
HR Ratings ratifica calificación nacional de Pemex en AAA y ajusta la global a BBB [energiahoy.com]
Pemex resiente la baja de México en la calificación de HR Ratings [energy21.com.mx]
HR Ratings reduce la calificación soberana de México; Hacienda defiende estabilidad financiera [indicepolitico.com]
HR Ratings baja la calificación soberana de México a BBB por el deterioro fiscal - Proyecto 10 [proyectodiez.mx]
HR Ratings ratificó la calificación nacional de Pemex AAA, revisó la global a BBB y mantuvo la perspectiva estable (08:30 h) [www.adnsureste.info]
HR Ratings baja calificación a México por deterioro en las finanzas públicas, deuda y bajo crecimiento [dossierpolitico.com]
México pierde puntos ante HR Ratings: alerta por déficit, bajo crecimiento y deuda rumbo a 2030 [formato7.com]
HR Ratings recorta calificación a México; Hacienda responde que su política fiscal es responsable - La Jornada San Luis [lajornadasanluis.com.mx]
Baja HR Ratings calificación de México [diario.mx]
Recorta HR calificación de México a “BBB” con perspectiva Estable; preocupa la deuda - Entre Líneas - Noticias de Chihuahua [entrelineas.com.mx]
Deuda pública y bajo crecimiento: HR Ratings reduce la calificación crediticia de México [xeu.mx]