S&P downgrades Pemex after lowering Mexico outlook

Ratings agency Standard & Poor’s on Monday slashed the stand-alone credit profile of ailing state oil firm Petroleos Mexicanos (Pemex) to ‘B-‘ from ‘BB-‘ after revising the Mexican government’s credit outlook to negative.

S&P also lowered Pemex’s outlook to negative from stable and maintained its global investment grade rating at ‘BBB+’, in line with the Mexican government, whose outlook the rating agency revised downward after the market closed on Friday.

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