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Pemex was granted relief in DUC levies for four months through January by the Mexican government on Tuesday. The ruling which comes after Moody’s downgraded the entity by two notches, will save the company about MXN 70bn ($4.1bn), according to an official. The fresh aid comes on top of the announced MXN 145bn ($8.5bn) fiscal budgetary support along with lowered profit sharing payments announced for Pemex last year. However, the government is yet to present a longer-term plan for reducing the company’s debt burden.
Pemex’s dollar bonds were trading stable with its 6.875% 2026s at 96.3, yielding 8.6%.
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