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Bond Market News
Pemex Upgraded to BB+ by Fitch
October 3, 2025
Pemex and its senior unsecured notes were upgraded by a notch to BB+ from BB by Fitch. The upgrade reflects stronger government backing, demonstrated by the company’s $9.9bn debt tender offer funded with state cash and legislative changes allowing Pemex to share a debt ceiling with the Finance Ministry. These actions increased Fitch’s government-related entity support assessment, leading Pemex to be rated just one notch below the sovereign instead of two. Despite the upgrade, Pemex’s stand alone credit profile remains weak, weighed down by nearly $99bn in debt, persistently negative cash flows, weak liquidity, and ongoing downstream losses. Fitch also highlighted operational deterioration from years of underinvestment, production declines, and asset incidents, with capped upstream output and heavy downstream focus adding further strain. As a result, Pemex’s stability remains highly reliant on continued government support, the rating agency noted.
Pemex’s bonds traded stable with its 6.625% 2035s currently at 95.6, yielding 7.26%
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