Mexico’s Petróleos Mexicanos (Pemex) has “gained unprecedented help from the government during this administration,” CEO Octavio Romero Oropeza said in an earnings call.

During the call the company chief railed against credit rating agency Moody’s recent downgrade of the state firm. Moody’s said Pemex is likely to face increased financial stress in the next two to three years with $10.9 billion in debt payments due this year and another $13.7 billion in notes set to mature in 2026.

At the conclusion of 2023, Pemex had $107 billion in debt, according to company figures. This is compared to about $106 billion at the end of 2022.

Oropeza said Moody’s created “invented scenarios” in its downgrade and called it an “irresponsible” and “vulgar” move that...