MEXICO CITY, MEXICO (By Fidencio Casillas, Energy Analytics Institute, 24.Jun.2025, Words: 325) — Mexico could have a higher rating if it did not have Petróleos Mexicanos (Pemex) as part of its contingent liabilities, the daily El Economista reported, citing a warning from Fitch Latin America director of sovereign analysis Shelly Shetty.
The state-owned oil company’s credit weakness and its high financial dependence on the government are factors that weigh on the federal government’s credit profile, the daily reported on 24 Jun. 2025, citing Shetty. The elements, together with the institutional weakening are captured in its sovereign rating that is “BBB-” with a stable perspective, Shetty said during her participation in the annual seminar “Fitch on Mexico.”
