The rating agency S&P Global Ratings It said in a statement on Wednesday that it expects an “almost certain” probability that the Mexican government will provide extraordinary, timely and sufficient support to state oil company Pemex in the event of difficulties.
On Tuesday, the oil company placed $2 billion in a 10-year bond issue in the international market, resources that it will use to refinance part of its heavy credit load.
Pemex accumulates a financial debt of about 103,000 million dollars. In 2023, only in amortizations linked to previous issues, the firm must cancel about 8,000 million dollars.
“We expect an almost certain probability that the government will provide timely and sufficient extraordinary support to Pemex in case of difficulties,” S&P said in a statement.
“We base this assumption on the critical role that Pemex plays for the Mexican government, both economically and for the execution of the government’s energy policy,” he explained.
The Ministry of Finance said days ago that it was looking for a way to help the state giant with the heavy payments, but did not give specific details. S&P has assigned a “BBB” rating to Pemex’s new $2 billion senior unsecured notes.
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