S&P downgrades Pemex credit view after lowering Mexico outlook

MEXICO CITY (Reuters) – Ratings agency Standard & Poor’s on Monday downgraded the stand-alone credit profile of ailing state oil firm Petroleos Mexicanos (Pemex) to b- from bb- after changing the outlook for the Mexican government to negative.

S&P said in a statement that Mexico’s plan to restore Pemex’s finances is insufficient compared with its capital needs, and that the company is exposed to political decisions that could conflict with its financial objectives.

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