RIO DE JANEIRO, BRAZIL - Moody's on Tuesday (27) downgraded Petróleos Mexicanos' (Pemex) credit rating to Ba3 from Ba2, and maintained the negative outlook which could signal future downgrades in the next 12 to 18 months.
The agency indicated that this rating downgrade - classifying it as junk - is based on the state-owned oil company's high liquidity risk and growing business risk as it expands its refining and production capacity.
"Moody's believes that such strategy will generate higher refining operating losses in the short and medium term. The outlook on Pemex's rating remains negative, primarily due . . .