Despite a downgrade by “Big Three” credit rating agency Fitch one day earlier, Mexican President Andrés Manuel López Obrador (AMLO) told reporters on Wednesday, Jan. 30, that the state-run oil company Petróleos Mexicanos (Pemex) is stronger financially than it has been in 30 years.

The New York-based Fitch downgraded Pemex by two notches from BBB+ to BBB- (just barely above a junk rating) due to “insufficient investment” and “declining production.”

In response, AMLO called Fitch “hypocritical,” saying that the agency had not taken into account the reduction of oil theft and had, in the past, been complicit it’s the widespread corruption that had led to its financial downfall in recent years.

AMLO also said that Mexican oil production, currently at 1.8 million barrels a day, would increase “significantly” this year, in large part as a result of a new $8 billion oil refinery in the southern state of Tamaulipas.

At $107 billion, Pemex’s debt is the highest of any national oil company in Latin America.




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