Pemex and Plenergy receive new credit ratings from Fitch and Moody's

Fitch Ratings has affirmed the long-term national credit rating for Petróleos Mexicanos (Pemex) at ‘AA(mex)’ with a stable outlook. The agency also maintained the international issuer default rating (IDR) in both local and foreign currencies at ‘BB+’ with a stable outlook. Fitch noted that Pemex's national rating is linked to the Mexican government, reflecting a two-notch reduction from Mexico's sovereign rating. The agency cited insufficient investment in exploration, production, and refining assets as factors that have weakened operational and financial performance.

In a separate development, Moody's has assigned Plenergy its first corporate family rating of B1 with a stable outlook. This rating extends to a €400 million secured senior loan and a €70 million revolving credit line, totaling €470 million in newly rated debt. The funds are intended to refinance existing debt, finance shareholder distributions, and cover operating expenses. This rating allows Plenergy to access institutional investors who typically require public credit ratings.