Fitch Ratings Inc. has again downgraded the credit rating of Mexican state oil company Petróleos Mexicanos (Pemex), citing liquidity and environmental, social and governance (ESG) concerns. Pemex’s Long-Term Foreign and Local Currency Issuer Default Ratings (IDR) already were in junk territory at ‘BB-,’ and now have been lowered to ‘B+,’ the Fitch team said Friday…
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Mexico Facing Supply Shortfalls if U.S. Ramps Up LNG Exports, Fitch Says
Mexico’s energy system relies heavily on U.S. natural gas and this could lead to price increases and supply shortfalls if the United States focuses more on the liquefied natural gas (LNG) export market, according to analysts at Fitch Ratings Inc. If the U.S. increases gas exports to Europe as a result of Russia’s invasion of…
Fitch Raises Henry Hub, Euro Natural Gas Price Assumptions on Resurgent Demand, Supply Challenges
Fitch Ratings Inc. has substantially raised its Henry Hub and European natural gas price assumptions through 2022, citing “strong year-to-date prices, recovering demand and supply challenges.” “U.S. gas prices have…benefited from heightened weather-driven demand, as well as U.S. dry and associated gas production discipline,” the credit ratings analysts said, adding that liquefied natural gas (LNG)…
Saudi May Hold Out Up To 2 Years in Price War, Fitch Analyst Says
With the Organization of the Petroleum Exporting Countries (OPEC)-plus alliance having failed to reach an agreement earlier this month to extend production cuts and boost prices, the Saudi-led cartel and former oil ally Russia are entrenched in a battle to see which one can hold out longer in an oversupplied global market, Fitch Solutions Inc. analysts said Thursday.
Fitch Reduces NBP Price Assumptions on Europe’s LNG Supply Glut, Slowing Global Growth
Fitch Ratings has revised lower natural gas price assumptions for 2019-2021 for the National Balancing Point (NBP) because of a liquefied natural gas (LNG) supply glut in Europe and slower global economic growth.
Fitch Forecasts Pemex Oil, NatGas Output to Fall for Up to Five Years
Fitch Ratings last week lowered by two notches the long-term foreign and local-currency issuer default ratings (IDRs) for Mexican national oil company Petróleos Mexicanos (Pemex) to ”BBB-’ from ”BBB+’, and downgraded Pemex’s national long-term ratings to ”AA (mex)’ from ”AAA (mex)’, with a negative rating outlook.
Pemex Gets Dinged by Rating Agencies Ahead of López Obrador Taking Office
Fitch Ratings has revised its outlook for the international issuer default ratings (IDR) of Mexico’s national oil company Petróleos Mexicanos (Pemex) to negative from stable, because of concerns about its direction once the new administration takes office Dec. 1.
North American E&P, OFS Economics Improve but Still Price Uncertainty, Says Fitch
North American energy markets remain negative, reflecting the lingering challenges in the exploration and oilfield services sectors, according to Fitch Ratings.
Taxes Bleeding Mexico’s Pemex Dry, Fitch Says
The Mexican government is taxing Petroleos Mexicanos (Pemex) to death, and a recently adopted support package to prop up Pemex is not enough, Fitch Ratings said in a note last week.
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Fitch Sees ‘Modest’ Price Support From Associated Gas Declines
The pullback from oil drilling has dropped associated natural gas production and provided “modest support” to domestic gas prices, Fitch Ratings said Wednesday. But the near-term price outlook is better for oil than natural gas, it said.