Mexico may have missed a chance to shore up the finances of its heavily indebted state oil company Petróleos Mexicanos (Pemex), according to credit ratings analysts at Fitch Ratings Inc.

“Elevated oil prices in 2022 were a lost opportunity to materially improve” Pemex’s standalone credit profile or SCP, said Fitch analysts Saverio Minervini and Carlos Morales in a research note published Friday.

They explained that Mexico’s government had previously pledged a $7.5 billion capital injection for the national oil company (NOC) in 2022.

[Mexico Matters: Join NGI and energy expert Rosanety Barrios as they dive into major natural gas opportunities for the next president of Mexico. From storage to independent price indexes, power generation to LNG exports, learn what...