World News

Moody’s says Pemex debt makes it hard to recover investment grade

(Reuters) – Mexican state oil company Pemex will have difficulty recovering an investment grade rating in the coming years owing to its large debt burden, a Moody’s analyst told reporters on Monday.

The ratings agency on Friday downgraded Pemex’s debt to junk status and cut Mexico’s credit rating due to a deteriorating economic outlook.

(Reporting by Stefanie Eschenbacher)