MEXICO CITY: Mexico's US$5 billion rescue package to pay down debt at Pemex is a one-of-a-kind transaction that should give the struggling state oil company breathing space to focus on output and costs, Deputy Finance Minister Gabriel Yorio said.
Yorio said a second such downgrade risked contaminating Mexico's sovereign debt profile, which is rated by Fitch as BBB and that Moody's has on negative outlook. "This is the last piece of support that we are planning to give to Pemex from the point of view of the 2019 fiscal year."Channel NewsAsia - Sentifi topic widget
In June, Pemex's chief financial officer said it was aiming to refinance US$2.5 billion in maturing debt during 2019.
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