[ad_1]
The rating agency Moody´s He said Wednesday that the government support announced this week for the Mexican state oil company Pemex would allow the company to reduce its debt by about $ 20 billion between 2021 and 2023.
The firm described the bond buyback and capital injection as “positive from a credit point of view” because they reduce the risk of debt and refinancing of Pemex.
The government’s support will allow Pemex to reduce its debt in 2021-23 by around 20,000 million dollars, which is equivalent to the long-term debt that matures in the period, “Moody’s said in a statement.
“However, we expect the cash flow generation and credit metrics of Pemex remain weak for the next three years as the company ramps up fuel production while grappling with limited capital investment capacity, high debt maturities and volatile oil prices, “he added.
Pemex It is one of the most indebted oil companies in the world. At the close of third quarter its financial debt had risen to 113,000 million dollars compared to the end of 2020.
On Monday, Pemex announced a repurchase and liability management operation seeking to reduce the risk of refinancing and the amount of its debt and, it said, it will receive a new injection of capital from the government of up to 3.5 billion dollars.
The next day, the state oil company launched an offer for $ 1 billion in 10-year securities with a yield of 6.7%, according to data from IFR, a financial service of Refinitiv.
[ad_2]