HR Ratings Says Pemex Will Need Federal Support Through 2029
The agency affirmed the oil company at HR AAA on its local scale, but says lower debt does not equal financial independence.
Mexican rating agency HR Ratings kept Pemex's long-term local-scale rating at HR AAA with a stable outlook on Oct. 15, 2026, according to ABC Noticias. On its global scale it left Pemex at HR BBB (G), also stable, because that day it lowered Mexico's sovereign rating one notch, from HR BBB+ (G) to HR BBB (G), according to its sovereign rating release.
HR Ratings estimates the state-owned oil company will depend on federal government support to pay its debt through at least 2029. The financial surplus it projects, meaning what Pemex would have left after covering its costs, still would not be enough to do without those transfers, according to El CEO.
| Rating | Before | Now | Outlook |
|---|---|---|---|
| Pemex, local scale | HR AAA | HR AAA | Stable |
| Pemex, global scale | HR BBB+ (G) | HR BBB (G) | Stable |
| Mexico, sovereign | HR BBB+ (G) | HR BBB (G) | Stable |
The agency acknowledges improvements: Pemex owes less, its revenue and operating cash flow have recovered, its debt maturities are better spread out and it produces more liquids. But it warns that owing less "is not the same as achieving financial autonomy," according to ABC Noticias.
Mexico's Finance Ministry argues that its measures put Pemex's maturities in order and will lower future budget support, according to El CEO. The company's rating influences its borrowing costs and is tied to the sovereign's, whose downgrade was already reported. HR Ratings' own release on Pemex was not available when this report was written.
