Pemex Gets Rating Boost

Mexican state-run oil concern Petroleos Mexicanos (Pemex) has been given a ratings upgrade by Fitch, which has revised the company’s outlook from stable to positive. The move follows Fitch’s revision of Mexico’s outlook to positive from stable last week. Fitch affirmed Pemex’s foreign currency issuer default rating (IDR) as BBB- and its local currency IDR as BBB, noting that “PEMEX’s foreign currency rating remains highly linked with the sovereign” but that it is rated one notch lower “due to the increasing debt levels in an environment of higher oil prices”.