Mexico’s Pemex spills more red ink as threat of downgrade looms

Mexico’s state oil company Pemex posted another quarter of major losses on Friday, weighed down by falling output and lower crude prices, as the heavily indebted firm faces the prospect of a fresh downgrade from credit agencies critical of its direction.

President Andres Manuel Lopez Obrador has pledged to rescue the ailing Mexican oil giant by growing the firm’s government-supplied budget, lowering its tax bill and rooting out corruption, but the latest numbers remained mostly gloomy.

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