Mexican President Andres Manuel Lopez Obrador took office in December vowing to ...
MEXICO CITY - Mexican President Andres Manuel Lopez Obrador took office in December vowing to revive state-owned energy company Pemex and put the brakes on foreign investment to give the public a bigger cut of the country’s oil wealth.
A downgrade could cripple the president’s bold energy agenda, along with his plans to use new oil revenue to help finance social welfare programs. It could also imperil Mexico’s sovereign creditworthiness. The announcement, trumpeted by Lopez Obrador and other top officials, did little to convince doubters.
Rating agency Moody’s on Monday attacked the refinery decision, saying it would probably take longer and could cost 50% more than planned. “The government can’t do it alone,” Energy Minister Rocio Nahle told a gathering of mostly international oil executives in an April 30 speech. “We’re investing in production and exploration; and we’re investing to produce more gasoline and added value,” she said.Critics of Lopez Obrador’s plans, such as Juan Carlos Romero Hicks - a leader of the opposition center-right National Action Party in Congress - say he should have stayed on the path set by former president Enrique Pena Nieto and continued opening up energy development to private capital.
That would make the company the world’s biggest so-called “fallen angel” - the ignominious distinction for a borrower that descends from investment grade to junk.A key factor in Pemex’s financial weakness is its heavy tax burden, averaging more than 80% of its earnings before interest, tax, depreciation and amortization.
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