June 6, 2019 / 10:42 PM / a year ago

Fitch downgrades are 'doubly penalizing' Mexico - finance ministry

MEXICO CITY, June 6 (Reuters) - The Mexican finance ministry on Thursday criticized Fitch’s move to downgrade the creditworthiness of Mexico as well as that of state oil firm Pemex, saying the rating agency had “doubly penalized” the country.

In a statement issued on Thursday afternoon, the ministry reaffirmed its support for Pemex, which it described as an integral part of the Mexican economy.

Fitch cited risks posed by Pemex’s finances in its decision to downgrade the sovereign debt on Wednesday. It then downgraded Pemex on Thursday. (Reporting by Sharay Angulo Writing by Julia Love Editing by Dave Graham)

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