An $8 billion syndicated loan to Mexico's national oil company Pemex is a s...
MEXICO CITY - An $8 billion syndicated loan to Mexico’s national oil company Pemex is a sign of confidence by more than 20 banks involved in the operation, Mexican President Andres Manuel Lopez Obrador said on Friday, after a recent credit downgrade for the firm.
He said the terms of the loan reduced interest rates, although he did not specify by how much. He said the financing was available for five years, up from three years under a previous arrangement. Earlier in June, Fitch cut its rating on Pemex’s $80 billion of bonds from investment grade to speculative grade, or “junk,” with a negative outlook. Many investors expect a second downgrade from Moody’s Investors Service to formally confirm Pemex as junk credit.
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