Fitch Ratings Inc. downgraded the credit ratings of Petróleos Mexicanos (Pemex) in mid July, citing the Mexico state-owned oil company’s high debts, multiple accidents and “continued weak operating performance.” 


Fitch’s Saverio Minervini, a senior director in the Latin America corporate finance group, spoke with NGI’s Mexico GPI about the reasons for the downgrade.

“This was essentially an environmental, social and corporate governance (ESG) associated downgrade, largely because of the track record and the extent of the accidents,” said Minervini. “This ESG event further complicates Pemex’s ability to raise capital, given that investors and creditors have ESG standards.”

At Fitch, Minervini oversees regional coverage of Energy, including oil and gas, as...