MEXICO CITY, MEXICO (By Fidencio Casillas, Energy Analytics Institute, 8.Jul.2026, Words: 122) — Fitch Ratings warned a prolonged period of annual reviews of the United States-Mexico-Canada Agreement (USMCA) could exacerbate the current uncertainty among business investors. In an analysis, Fitch noted the timing of a final trilateral agreement remains uncertain, […]
Tag: Fitch
Pemex boasts $11.3bn purchasing agreement, $9.9bn bond buyback during 3Q:25
MEXICO CITY, MEXICO (By Fidencio Casillas, Energy Analytics Institute, 27.Oct.2025, Words: 560) — PetrĂłleos Mexicanos (Pemex) said its operations remained stable throughout its main business lines during the third-quarter 2025 (3Q.25). During the 3Q:25, Pemex reported liquid fossil fuel production averaged 1.65 million barrels per day (MMb/d), while natural gas […]
Pemex says 2 transactions reduce foreign currency obligations
MEXICO CITY, MEXICO (By Fidencio Casillas, Energy Analytics Institute, 17.Sep.2025, Words: 588) — PetrĂłleos Mexicanos (Pemex) announced 2 transactions that will equivalently reduce its previously contracted foreign currency obligations, aiming to stabilize its debt at a level that allows it to strengthen its credit and liquidity profile, while reducing its […]
Fitch places Pemex on rating watch positive following tender offer announcement
NEW YORK, NEW YORK (By Fitch, 9.Sep.2025, Words: 1,225) — Fitch Ratings has placed Petroleos Mexicanos’ (PEMEX) ‘BB’ Long-Term Local and Foreign Currency Issuer Default Ratings (IDRs) on Rating Watch Positive (RWP). Fitch has also placed Pemex’s ‘BB’ senior unsecured notes outstanding on RWP. The RWP reflects Fitch’s expectation that […]
EAI brief: Fitch raises Pemex’ rating B+ to BB with a stable outlook
MEXICO CITY, MEXICO (By Fidencio Casillas, Energy Analytics Institute, 4.Aug.2025, Words: 188) — Last Friday, Fitch Ratings raised PetrĂłleos Mexicanos or Pemex’ rating from B+ to BB with a stable outlook, as a long-term issuer in local and foreign currency. This, after the Ministry of Finance announced placement of pre-capitalized […]
EAI Brief: Fitch says Mexico could have higher rating if not for Pemex
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 PetrĂłleos 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 […]
Fitch Rating reaffirms Petrobras’ credit rating, with a stable rating outlook
BELIZE CITY, BELIZE (Aaron Simonsky, Energy Analytics Institute, 3.Apr.2025) — Fitch Ratings affirmed Petrobras‘ long-term local and foreign currency issuer default ratings (IDRs) and outstanding debt ratings at ‘BB’, with a stable rating outlook. The rating agency also affirmed the Rio de Janeiro-based energy company’s long-term national scale rating at […]
Fitch Affirms Pemex’ IDRs at ‘B+’; Outlook Stable
(Fitch, 16.Dec.2024) — Fitch Ratings has affirmed Petroleos Mexicanos’ (Pemex) Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at ‘B+’ with a stable outlook. Additionally, Fitch has affirmed the rating of approximately $80bn of Pemex’ international notes outstanding at ‘B+’ with a Recovery Rating of ‘RR4’. Pemex’ ratings are […]
Fitch Maintains Ecopetrol’s Overall Credit Rating at BB+
(Energy Analytics Institute, 8.Nov.2024) — Fitch Ratings on 6 Nov. 2024 revealed that its was maintaining its global credit rating for Ecopetrol at BB+ with a stable outlook. However, Fitch, in a report on Ecopetrol and Colombia, downgraded the Standalone Credit Profile (“SCP”) from ‘bbb’ to ‘bbb-‘ while it affirmed the national long-term and short-term ratings of Ecopetrol at ‘AAA […]
GeoPark Argentina Approved to Issue up to $500mn in Debt
(Energy Analytics Institute, 22.Oct.2024) — GeoPark Limited’s wholly owned subsidiary GeoPark Argentina S.A. received approval from the Argentinian securities regulator (ComisiĂłn Nacional de Valores or “CNV” by its Spanish acronym) to issue up to $500mn in debt securities over the next five years. Additionally, GeoPark Argentina has obtained an “AA+(arg)” […]
Fitch Rates Crescent Energy’s $250mn Add-On Issue
(Fitch, 4.Sep.2024) — Fitch Ratings rates the $250mn add-on issue to Crescent Energy Finance LLC’s existing $750mn 7.375% 2033 notes, in line with Crescent’s existing senior unsecured debt BB- ratings. The proceeds from the new tap issue will be used to reduce borrowings under the company’s reserve-based lending facility. Crescent […]
Fitch Sees Pickup in Permian Transactions
(Energy Analytics Institute, 30.Aug.2024) — ”Fitch believes Permian transactions could pick up again if large producers choose to shed non-core assets, following recent consolidation, to meet debt reduction targets or re-focus their asset base,” Fitch said 9 Aug. 2024 in an official statement. ”These assets could be acquisition targets for […]
Fitch Downgrades NFE’s IDR to ‘B+’
(Fitch, 12.Aug.2024) — Fitch Ratings has downgraded New Fortress Energy Inc.’s (NFE) Long-Term Issuer Default Rating (IDR) to ‘B+’ from ‘BB-‘ and has placed it on Rating Watch Negative. The senior secured debt has been downgraded to ‘B+’/’RR4’ from ‘BB-‘/’RR4’. ‘RR4’ denotes average recovery in the event of default. The […]
Fitch Maintains Ecopetrol’s Rating at BB+
(Ecopetrol, 30.Jul.2024) — Ecopetrol S.A. said the credit rating agency Fitch Ratings maintained the company’s credit rating at BB+ with a stable outlook. Additionally, the agency reaffirmed the company’s national long- and short-term ratings at ‘AAA(col)’ and ‘F1+(col)’, respectively, both with a stable outlook. The rating agency highlighted Ecopetrol’s solid financial […]
Fitch Upgrades Saudi Arabia to ‘A+’; Outlook Stable
(Fitch Ratings, 5.Apr.2023) — Fitch Ratings upgraded Saudi Arabia’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘A+’ from ‘A’. The Outlook is Stable. A full list of rating actions is at the end of this rating action commentary. KEY RATING DRIVERS Balance Sheet Strength Drives Upgrade: The upgrade of Saudi Arabia’s […]
Petrobras on Rating Confirmation by Fitch
(Petrobras, 31.Jan.2023) — Petrobras informs that the rating agency Fitch reaffirmed its rating at “BB-“, with stable outlook, following Brazil’s rating. The stand-alone rating was also reaffirmed at “bbb”, four notches above the country. The agency considers Petrobras’ ratings to be linked to those of the sovereign given the company’s […]
NRGBriefs: Fitch Upgrades Petrobras’ Credit Rating; Vista’s Earnings
(Energy Analytics Institute, 9.Jul.2022) — Energy briefs including Fitch upgrading Petrobras’ credit rating; and Vista Energy, S.A.B. de C.V. (NYSE: VIST; BMV: VISTA) planning to release its consolidated financial statements for the 2Q:22 on Tuesday 26 July 2022, after the market closes. LATIN AMERICA AND THE CARIBBEAN Argentina — Vista […]
Fiscal Effects Of Covid-19, Oil Could Last Years In Colombia
(Reuters, 23.Jun.2020) — The fiscal fallout of the coronavirus pandemic and low oil prices could affect Colombia for several years, Richard Francis, director of sovereign ratings at ratings agency Fitch, said on Tuesday. Colombia’s government predicts the usually healthy economy will contract 5.5% this year. The country has suspended its […]
CENIT’s Transport Tariffs Neutral For Ocensa
(Fitch Ratings, 1.Jun.2020) — Fitch Ratings views the agreement reached between crude oil transportation companies and producers in Colombia as credit neutral for Oleoducto Central S.A (Ocensa) (BBB-/Negative) and A.I. Candelaria (Spain), S.L.’s ratings (BB+/Negative), as Fitch does not anticipate a material change in their capital structures. The agreement announced […]
Fitch Affirms Raizen’s IDRs At ‘BBB’; Outlook Negative
(Fitch Ratings, 28.May.2020) — Fitch Ratings has affirmed Raizen Combustiveis S.A.’s and Raizen Energia S.A.’s Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at ‘BBB’ and National Long-Term Ratings at ‘AAA(bra)’. Fitch has also affirmed the rating of Raizen Fuels Finance S.A.’s senior unsecured noted due 2027 at ‘BBB’. […]
Fitch Downgrades Mexico To ‘BBB-‘; Outlook Stable
(Fitch Ratings, 15.Apr.2020) — Fitch Ratings has downgraded Mexico’s Long-Term Foreign Currency Issuer Default Rating (IDR) to ‘BBB-‘ from ‘BBB’. The Rating Outlook is Stable. KEY RATING DRIVERS The economic shock represented by the coronavirus pandemic will lead to a severe recession in Mexico in 2020. A recovery starting in […]
A Double Whammy: Fitch Downgrades Mexico And Moody’s Lowers Outlook
(Reuters, 5.Jun.2019) — In a double blow for Mexico, credit ratings agency Fitch downgraded the nation’s sovereign debt rating on Wednesday, citing risks posed by heavily indebted oil company Pemex and trade tensions, while Moody’s lowered its outlook to negative. The Mexican peso weakened as much as 1.3% on the […]
President-elect Lopez Obrador Slams Pemex For Crude Import Plan
(Reuters, 23.Oct.2018) — Mexico’s president-elect Andres Manuel Lopez Obrador on Tuesday criticized state-run Pemex’s plan to import U.S. light crude from refiner Phillips 66, calling it a sign of the country’s failed economic policies. Pemex is set to begin crude imports in November, for the first time in over a […]
Mexico’s Peso Falls To Lowest Level In 5 Weeks On Pemex Outlook
(Reuters, 19.Oct.2018) — Mexico’s peso currency reversed gains on Friday to fall 1 percent, hitting its lowest level in five weeks after a report by ratings agency Fitch on national oil company Pemex. Following the decision by Fitch to revise the company’s outlook rating to negative from stable, the peso […]
Mexico’s Struggling Pemex Awaits New President’s Risky Fix
(Bloomberg, Amy Stillman, 14.Aug.2018) – By most financial measures, Mexico’s state oil company is seriously unwell. The country’s new leader is promising to revive it. But the treatment could end up killing the patient. After borrowing more than $100 billion, Petroleos Mexicanos is one of the world’s most indebted oil […]
Frontera Prices $350 Mln Notes at 9.7%
(Energy Analytics Institute, Piero Stewart 22.Jun.2018) – Canada’s Frontera Energy Corporation successfully priced an offering of $350 million. The offering was comprised of senior unsecured notes due 2023 at a coupon rate of 9.70% pursuant to Rule 144A and Regulation S of the U.S. Securities Act of 1933, as amended, […]
Fitch Rates Reopening of Ecopetrol Notes
(Fitch Ratings, 8.Jun.2018) – Fitch Ratings rates the $500 million reopening of Ecopetrol S.A.’s 5.875% notes due in 2023 ‘BBB’. The company expects to use the proceeds from the proposed reopening for general corporate purposes, including capital expenditures. Fitch’s Foreign and Local Currency Issuer Default Ratings (IDRs) for Ecopetrol are […]
Finance Ministry, Pemex Meet With Investors
(Pemex, 19.Apr.2016) – The Minister of Finance and Public Credit, Luis Videgaray, and the Pemex CEO JosĂ© Antonio González Anaya, met in New York with investors, analysts, and executives of financial institutions to emphasize the economic prospects of the company and investment opportunities that resulted from the implementation of the […]
Fitch Affirms Corpoelec IDRs
(Fitch, 13.Aug.2015) – Fitch Ratings has affirmed Corporacion Electrica Nacional S.A.’s (CORPOELEC) local and foreign currency Issuer Default Ratings (IDRs) at ‘CCC’. ***
Q&A with Fitch’s Lucas Aristizabal
(Energy Analytics Institute, Pietro D. Pitts, 19.Jul.2013) – Fitch’s Latin America Corporates Group Director Lucas Aristizabal spoke with Energy Analytics Institute in a brief interview from New York City, New York. What follows are excerpts from the brief interview. Regarding PDVSA’s strategy to focus more attention on China: EAI: PDVSA […]