Credit ratings agencies must be 'responsible and serious' in how they ...
MEXICO CITY - Credit ratings agencies must be “responsible and serious” in how they evaluate Mexican state oil company Pemex, Energy Minister Rocio Nahle told Reuters on Friday, strongly defending spending and policy decisions that she says will benefit the firm.
Ratings agencies including Fitch and Moody’s have warned that the firm faces major financial challenges, as they question the government’s decision to spend heavily on the construction of a new refinery and its ability to significantly boost production. “If Pemex wasn’t complying with its payments, if it wasn’t complying with its investment goals, if there weren’t all these efforts that the government is making, then it would make sense. But it doesn’t make sense,” she said.
Nahle, a petrochemical engineer by trade, charged previous Mexican administrations of irresponsibly allowing Pemex’s debt to balloon from some $13 billion in 2000 to over $106 billion by the time Lopez Obrador took office late last year.
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