Fitch Downgrades Pemex Following Series of Accidents

Fitch Ratings has downgraded Petroleos Mexicanos (Pemex) ratings due to multiple accidents and poor operating performance. The downgrades reflect the environmental and social impact associated with multiple accidents at Pemex’s operating facilities since February 2023, which resulted in casualties and injuries to its employees and damages to critical infrastructure and assets. The most recent accident was an explosion at a Pemex natural gas platform earlier this month that left two people dead. As a result of these incidents, Fitch has lowered Pemex’s ESG score and brought its ratings further down the junk status ladder.

The specific accidents that led to the downgrade of Pemex’s rating include: Multiple accidents at Pemex’s operating facilities since February 2023, resulting in casualties, injuries, and damages to critical infrastructure and assets.
The most recent accident was an explosion at a Pemex natural gas platform earlier this month, which tragically resulted in the death of two people.
These accidents have had a significant environmental and social impact, leading to the downgrading of Pemex’s ratings by Fitch Ratings. The downgrade reflects the poor operating performance and the associated environmental, social, and governance (ESG) issues faced by Pemex.