MEXICO CITY, MEXICO (By Fidencio Casillas, Energy Analytics Institute, 8.Sep.2025, Words: 278) — Moody’s Ratings confirmed Petroleos Mexicanos‘ (Pemex) baseline credit assessment (BCA) of ca, which reflects its standalone credit strength.
At the same time, the rating agency upgraded Pemex’s corporate family rating (CFR), the backed senior unsecured ratings on the company’s existing notes, as well as the backed senior unsecured ratings of Pemex Project Funding Master Trust, to B1 from B3.
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Moody’s also upgraded both entities’ backed senior unsecured MTN program to (P)B1 from (P)B3 respectively, according to a reported released on 8 Sep. 2025 [attached below].
The outlooks were changed to stable from ratings under review, according to Moody’s, which said the ratings were on review for upgrade.
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These rating actions conclude the review for upgrade that was initiated on 18 Aug. 2025.
“The ratings upgrade reflects a stronger commitment from the current administration of the Government of Mexico to support Pemex meet its financial obligations,” Moody’s vice president – senior credit officer Roxana Muñoz said in the report.
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“The strategic plan 2025–2035 marks a shift in the government’s approach, with three coordinated transactions that represent a meaningful step toward strengthening Pemex’s financial position for the next five years. However, Pemex continues to face persistent structural challenges, which we expect will continue to pressure its financial performance and result in sustained negative free cash flow,” Muñoz said.
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By Fidencio Casillas reporting from Mexico City. © 2025 Energy Analytics Institute (EAI). All Rights Reserved.
