⁍ Petroleos Mexicanos is seeking to raise between $1 billion and $1.5 billion through a five-year bond.
⁍ This is the first such operation since it lost its investment grade rating.
⁍ In April, Moody’s became the second major rating agency to downgrade Pemex bonds to speculative grade.
– Mexico’s state-owned oil company is looking to refinance some of its debt for the first time since it lost its investment-grade rating in April. Petroleos Mexicanos, or Pemex, plans to sell up to $1.5 billion in five-year bonds, Reuters reports. A source close to the company says the refinancing will not increase Pemex’s debt and is in keeping with President Andres Manuel Lopez Obrador’s order not to incur net debt during his term in office. Moody’s said Thursday it has assigned a Ba2 rating to Pemex’s proposed notes. (Moody’s also downgraded Pemex’s credit rating in April.)
Source: https://www.reuters.com/article/mexico-pemex/update-2-mexicos-pemex-plans-bond-to-raise-up-to-15-bln-to-refinance-debt-source-idUSL1N2GZ0X9