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Mexican oil (Pemex) launched an offer for $ 1 billion in 10-year securities with a yield of 6.7 percent. Yesterday the Mexican government reported that it will support the state company with $ 3.5 billion.
The US risk rating agency Standard & Poor’s assigned a rating of ´BBB´, with a negative outlook to the senior unsecured bonds maturing in 2032 of the oil company.
S&P maintains Pemex’s foreign currency credit rating at the same level as Mexico’s sovereign note. This criterion is based on the rating agency’s expectation of a probability of extraordinary government support for the company in a scenario of financial stress.
In the opinion of S&P, the state’s productive company plays a critical role for the Mexican government, both from an economic point of view and for the execution of energy policy.
In addition, he considered that there is an integral link between Pemex and the government, since it holds total ownership of the oil company, and that it considers the high government participation in all the strategic decisions of the company.
AeroMexico Group, the main airline in the country, received the support of the court that is carrying out its restructuring process under Chapter 11 of the United States Bankruptcy Law to start with its exit financing plan, despite the rejection that a group of small Unsecured creditors showed days before.
Judge Shelley C. Chapman of the Bankruptcy Court for the Southern District of New York authorized the airline to execute the capital commitment letters and debt financing outbound, as well as the underwriting agreement and other documents.
The exit financing includes funds managed by Apollo Global Management, which were not included in the initial proposal; its current largest shareholder, Delta; to a group of Mexican investors headed by Eduardo Tricio Haro, as well as to a Mexican pension fund, among others.
American Airlines Group, announced that its CEO Doug Parker will retire on March 31, 2022.
Robert Isom, the current CEO of American Airlines, will be the new CEO from April next year and at the same time will join the board of directors of the aviation company, where Parker will continue to serve as president.
Isom, who was named CEO of American Airlines in 2016, has more than 30 years of experience in the global aviation industry.
He has held senior positions in finance, operations, planning, marketing, sales, alliances, pricing, and revenue management.
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