From Investing.com:

Moody’s downgraded Mexico’s state-owned oil firm Pemex by two notches to B3, citing poor credit quality and high government support. Pemex is one of the world’s most indebted oil companies, with financial liabilities exceeding $100 billion. Moody’s expects a higher fiscal deficit in Mexico due to borrowing costs and government projects. The downgrade comes as Mexico ordered the expropriation of a hydrogen plant at a Pemex refinery sold to France’s Air Liquide.



Read more: Moody’s cuts indebted oil firm Pemex’s rating by two notches to B3 By Reuters