HR Ratings downgrades Pemex to HR BBB — The Rio Times

In Mexico, rating agency HR Ratings on October 15, 2026, downgraded the global credit rating of state oil company Pemex from HR BBB+ to HR BBB. The rating outlook remained stable. As The Rio Times reports, the decision was made on the same day the agency downgraded Mexico’s sovereign rating to HR BBB.

Link to the state rating

HR Ratings views Pemex as a company with de facto sovereign status, as the Mexican government provides it with funds for debt servicing, capital expenditures and fiscal support. The agency also noted that Pemex is an important source of revenue for the country. Therefore, the change in Mexico’s sovereign rating directly affected the assessment of the company’s creditworthiness.

According to the publication, the downgrade of the global rating applies to 25 Pemex debt issues. At the same time, the agency affirmed the company’s local ratings at HR AAA and HR+1 with stable outlooks. The HR BBB rating on the HR Ratings scale still belongs to the investment-grade category.

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Debt and financial indicators

Pemex’s total debt as of the end of June 2026 stood at 1.353 trillion pesos, or about $77.5 billion. This is 11.6% lower than at the end of 2025 in peso terms and 9.1% lower in dollar terms. HR Ratings attributes the reduction primarily to debt repayments financed by contributions from the federal government.

In the first half of 2026, Pemex’s revenue increased by 11.3% to 876 billion pesos. The growth was driven by a 17.4% increase in domestic sales and higher reference prices. Production of oil and other liquid hydrocarbons averaged 1.655 million barrels per day in the second quarter, 2% more than a year earlier.

HR Ratings forecasts that Pemex’s net debt will decrease to 1.298 trillion pesos in 2026 and to 1.250 trillion pesos in 2028. This forecast assumes continued refinancing and financial support from the federal government.