(Energy Analytics Institute, Jared Yamin, 30.Apr.2019) — Petróleos Mexicanos (Pemex) will not return to financial markets to issue debt over the medium term because spreads are high since the market is taking into account the company’s low credit quality, the Secretary of the Treasury and the rating agency Standard & Poor’s warned.
“Pemex’s debt has doubled and production has halved. Under these tendencies, the sustainability of debt is not possible (…) What we have discussed with Pemex is that it is the most expensive debt, therefore, we believe the company should not go to the market at this moment with the rates that we are seeing,” reported online media El Financiero, citing Gabriel Yorio, head of the Public Credit Unit of the Treasury.
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