Pemex Cut to Brink of Junk by Moody's as Mexico Outlook Lowered

  • Oil company recorded a $32 billion financial loss last year
  • Moody's rates sovereign debt A3, above S&P or Fitch grades

Petroleos Mexicanos credit rating was cut to the cusp of junk by Moody’s Investors Service, which also warned that the Mexican oil company’s financial problems threaten the government’s creditworthiness.

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