Despite the support of the federal government, Petróleos Mexicanos (Pemex) will continue as the higher tax risk for the next administration, said Carlos Capistrán, chief economist of Bank of America Securities for Mexico and Canada.
In a press conference, Capistrán added that Pemex poses a risk to Mexico’s credit ratingwhich will make it difficult your access to financing in the coming years.
“Pemex had an investment grade rating from the rating agencies a few years ago, but it has already lost it, and now we have to be very careful, because if the federal government continues sending money, The risk is that Pemex drags you down and then Mexico also begins to lower its rating“said the economist.
Capistrán highlighted that the debt accumulated by Pemex is a significant fiscal risk that could become risk for the Mexican economy if not adequately addressed in the next administration.
During the six-year term of President Andrés Manuel López Obrador, the state oil company has received a series of government supports under the premise of “rescue” the national energy sovereignty.
According to calculations by the Center for Public Finance Studies (CEFP), belonging to the Chamber of Deputies, between 2019 and 2023 the current administration supported 1.4 billion pesos to Pemexbetween reductions of your tax burden and capital contributions.
Despite this, at the end of the third quarter of last year the company registered debts for more than 1.86 billion pesos and it is estimated that the amount will grow to the extent that there is no profitability in oil production in the coming years.
On Friday, the international agency Moody’s cut Pemex’s rating to ‘B3’, from ‘B1’, and put a negative perspective given the expectation of greater financial pressures for the company in the coming years.
After Moody’s cut, Pemex’s rating is one step away from falling into “substantial risk” territory, as the ratings are known. bonds of a company or country facing serious financial problems.
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According to the rating agency, the decision to cut Pemex’s rating was also due to the absence of concrete measures or actions in matter of environmental risks, social and of corporate governance.