Moody's said that the Deer Park refinery, recently acquired by Pemex, and the Dos Bocas refinery, under construction, add to the capital expenditure burden of the state oil company and that they generate doubtful investment returns and risk of cost overruns.
In addition, the rating agency added that Pemex continues to have a negative cash flow, despite the rise in oil prices and that its Ba2 credit rating includes the assumption of "very high" government support if necessary and a default correlation. "very high" between Pemex and the government of Mexico.
Previously, Moody's Investors Service downgraded Deer Park Refining Limited Partnership's senior unsecured obligations to Baa3 from Baa2 and placed the notes under review for downgrade after Pemex's purchase of the entire refinery was announced. .
Pemex announced the acquisition of Deer Park, which operated together with the Shell company, for 596 million dollars last May, as part of a bid to reinforce Pemex's operations amid a worldwide decarbonization of the industry.
With information from Reuters.
