May 11, 2020 / 2:44 PM / 15 days ago

Pemex support could weigh on Mexico credit rating - S&P Global

NEW YORK, May 11 (Reuters) - Potential increases in liabilities stemming from the energy sector could raise Mexico’s debt burden and lead to a credit downgrade, S&P Global Ratings said on Monday.

At one point the combined metrics of Petroleos Mexicanos and the sovereign could weigh on Mexico’s fiscal health “and that’s exactly why we have the negative outlook on the (sovereign) rating,” said Lisa Schineller, lead analyst for sovereign ratings in Latin America at S&P Global in a webinar.

Mexico is rated ‘BBB’ at S&P, meaning that after a one-notch downgrade it would still retain investment-grade category. The sovereign support of Pemex has been a long standing expectation.

Reporting by Rodrigo Campos Editing by Chizu Nomiyama

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