Ratings agency Standard & Poor's (S&P) on Monday slashed the credit rating ...
MEXICO CITY - Ratings agency Standard & Poor’s on Monday slashed the credit rating for Mexico’s national oil company Petroleos Mexicanos, or Pemex, piling more pressure on the government to tighten up the debt-laden oil firm’s finances.
S&P cut its stand-alone assessment of Pemex to ‘B-‘ from ‘BB-‘, reflecting growing concern that financial support pledged by the government to shore up the firm and its slowing production will not be enough. “The government’s financial support, in order to restore credit fundamentals, falls well short of the company’s multi-annual capital investment needs,” S&P said in a statement.Citing the fiscal pressures facing Mexico’s government and economy, S&P later also lowered the outlook to “negative” from “stable” for America Movil, Coca-Cola Femsa, and upscale retailer Liverpool, but kept their ratings unchanged.
They included Citibanamex, the local unit of Citigroup Inc, and Banco Inbursa, which is controlled by the family of billionaire Carlos Slim.
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