MEXICO CITY: An US$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.Advertisement"These actions demonstrate that there is confidence. The banks don't act without information, they don't take a decision like this because they like the government.
Pemex, saddled with about US$106 billion in debt and facing the prospect of a costly credit rating downgrade, announced in February it was working on the financial operation. Syndicated loans are a financing vehicle that spreads the lenders' risk between several institutions.
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