Mexican state energy company Pemex, whose financial debt ballooned to $110.5 billion by the second quarter, said Friday that it received 64.9 billion pesos ($3.8 billion) from the government to meet its obligations and may tap bond markets this year or next.
Chief Financial Officer Carlos Cortez told investors during an earnings call that despite "significant" government support, Pemex was evaluating whether it would tap bond markets this year or next. He gave no details on how those funds would be used.When asked about debt targets, Cortez said, "We're committed to sustaining a downward trend."
Under Lopez Obrador's presidency, Pemex bonds were stripped of a coveted investment grade rating. Two out of the three major ratings agencies rate the bonds speculative grade, or junk. Pemex Chief Executive Octavio Romero dismissed the action on Friday, adding that the assessment did not sufficiently take the government's support into account. "Pemex rejects the actions taken by these agencies," Romero said.
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