Moody’s Ratings kept Petróleos Mexicanos credit rating at B1 with a stable outlook. The move came despite Mexico’s sovereign rating cut.
The state oil company kept its B1 rating unchanged since September 2025. Moody’s said expected federal government support offset the effect of the sovereign downgrade that hit other entities.
Roxana Muñoz, vice president and senior credit analyst at Moody’s Ratings, noted that government backing has been very high and timely. She added that the close links between Pemex and the government remain a key factor in the assessment.
The rating stays in speculative grade and four notches below investment grade. The company’s financing needs are projected at about 14.9 billion dollars per year from 2026 to 2028.
The stable outlook reflects expectations that Pemex’s business strategy and financial profile will remain broadly unchanged over the next six to twelve months.
