Economics: Pemex’s Ongoing Downward Spiral

MEXICO - Report 17 Dec 2015 by Mauricio Gonzalez and Ernesto Cervera
Executive Summary Pemex’s release of its financial results for the third quarter of 2015 prompted Moody’s to lower its global rating on the company from A3 to Baa1, a level reflecting low-to-moderate risk, which the agency said resulted from expectations that “Pemex’s credit metrics will deteriorate further in the short to medium term”. We at GEA have been warning over the past year that the state-owned company’s financial and operating numbers were on a disastrous trajectory; the results through the first nine months of 2015 have revealed a further deterioration of Pemex’s position. During...

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