Pemex slapped with second ‘junk’ rating

FINANCIAL TIMES 🔒| A second rating agency has downgraded Mexico’s debt-laden state oil company Pemex to junk, which will trigger forced bond sales and raise future financing costs.  Moody’s slashed Pemex two notches to Ba2 from Baa3, with a negative outlook, sending its bond prices in New York tumbling as much as 30 per cent. “The actions took in consideration our expectations for an extended period of negative free cash flow and the need for external funding, despite the company’s efforts to adjust costs and investments to low oil prices,” Nymia Almeida at Moody’s said in a statement.

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