Moody’s Lowers Mexico’s Economic Growth Forecast
The big three credit rating agency also pointed to the potential impacts of U.S. President-elect Donald Trump’s trade policies on Mexico’s economy
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Pemex Loses of $32 Per Barrel of Crude Oil, Says Financial Audit
The losses from 2019 to 2023 mark a 168 percent increase in Pemex’s net losses between 2013 and 2018
Read moreMexico May Enter Weak Financial Era Next Presidency, Warns Moody’s
Mexico is expected to pull in 2 percent of economic growth in 2024, down from the 3.4 percent predicted for 2023
Read moreS&P Upgrades Mexico amid Soaring Inflation
By MARK LORENZANA Just as Mexico’s inflation rate rose to 7.99 percent in June of this year, the U.S. financial services rating agency Standard & Poor’s (S&P) in its Global Ratings report on Wednesday, July 6, revised the outlook on its long-term ratings on Mexico from negative to stable. In addition, the S&P Global Ratings affirmed the country’s credit rating
Read moreWhat the Moody’s Downgrade Means for Pemex…and Mexico
By THÉRÈSE MARGOLIS When the international rating agency Moody’s Analytics downgraded Mexico’s state-run oil giant Petróleos Mexicanos credit again earlier this week — this time to out-and-out “junk” with a “negative outlook” — it should have set alarm bells ringing nationwide as to the country’s credibility with investors and lenders. Moody’s new rock-bottom Ba3 rating — based mostly on the
Read moreMexico’s State-Owned Electricity Company May Be Insolvent
By KELIN DILLON Questions have arisen surrounding the capability of Mexico’s state-owned Federal Electricity Commission (CFE) to pay for a proposed six new projects for its infrastructure. The company’s new investment plan would require 62 billion pesos in funding, which would generate an estimated 4,438 megawatts of energy in turn. Now, companies looking to potentially join in on the projects
Read moreMexico’s CFE Raises Electricity Costs by 20 Percent
By KELIN DILLON Mexico’s state-owned Federal Electricity Commission (CFE), widely touted by President Andrés Manuel López Obrador (AMLO) as his solution to lower energy prices for the average Mexican, has in fact reportedly increased its costs by 20 percent from January to April of this year. The CFE’s use of expensive, nonrenewable fuels is apparently driving its prices up, as
Read moreMoody’s Downgrades Deer Park Refinery to ‘Junk’
By KELIN DILLON Following Mexico’s state-owned oil company Petróleos Mexicanos (Pemex) acquisition of the Deer Park refinery in Texas, Moody’s Analytics, one of Big Three financial ratings agencies, downgraded the refinery’s evaluation to “junk” status. Moody’s devalued Deer Park from Ba3 to Baa2, meaning it is “in the lower ranking of its generic category,” with the potential to further downgrade
Read more17 Months of Poor Governance
By KITZIA NIN PONIATOWSKA In 17 months of poor governance, Mexican President Andrés Manuel López Obrador (AMLO) has surpassed his predecessors Carlos Salinas de Gortari in terms of currency devaluation, Ernesto Zedillo in terms of economic recession, Vicente Fox in incompetency, Felipe Calderón in the number of homicides and Enrique Peña Nieto in terms of corruption and ignorance. In less
Read moreWho Rates the Rating Agencies?
By RICARDO CASTILLO Is the Damocles sword a mythical tale? Surely not for Mexican President Andrés Manuel López Obrador (AMLO), who now sees it swinging over his political neck like a pendulum in the form of international rating agencies Fitch, Moody’s and S&P. The awesome rating threesome has lashed out against Mexico, putting the nation’s economy not on a downward
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