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Pemex CEO Slams Moody’s Decision to Cut Rating as ‘Shameful’

  • Moody’s cited high liquidity needs, increasing business risk
  • Pemex is expected to receive financial aid from the government
Updated on

The top executive at Petroleos Mexicanos slammed the decision by Moody’s Investors Service to cut the state oil producer’s credit rating further into junk, calling the move “shameful.”

Pemex, as the company is known, “completely disagrees” with the downgrade and believes Moody’s acted unprofessionally, Octavio Romero, the driller’s chief executive officer, said Wednesday on its second-quarter earnings call. On Tuesday, the rating agency cited high liquidity needs and increasing business risk in announcing its decision.