Markets lose hope for Pemex rescue

Fitch Ratings downgraded Petroleos Mexicanos for a second time in five months, plunging the world’s most indebted oil company into junk status.

Pemex’s rating was cut one notch to BB+, after Fitch cut Mexico late Wednesday, at about the same time Moody’s Investors Service changed the outlook on the country to negative — a move it repeated for Pemex Thursday.

The oil producer’s dollar debt maturing in 2027 fell $2.19 to $0.9901 in New York, pushing the yield up 36 basis points to 6.66%.

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