June 12, 2019 / 6:32 PM / 2 months ago

Mexico must boost Pemex creditworthiness - cenbank governor

MEXICO CITY, June 12 (Reuters) - Mexico should reinforce Pemex’s creditworthiness after recent downgrades given the state oil company’s importance for the economy, public finances and financial system, Central Bank Governor Alejandro Diaz de Leon said on Wednesday.

Fitch last week cut Mexico’s sovereign credit rating and then became the first major ratings agency to downgrade the debt of Pemex to “junk” status, in a setback for President Andres Manuel Lopez Obrador, who has pledged to revive the firm.

Diaz de Leon, in a presentation of the central bank’s latest financial stability report, also said that the ratings of Pemex and the Mexican government are important risk factors that must be dealt with. (Reporting by Sharay Angulo Editing by Daina Solomon)

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