Mexico's president says big bank loan shows confidence in Pemex

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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Heavily indebted Pemex says will merge units to save moneyThe board of heavily indebted Mexican state oil company Pemex [PEMEX.UL] has una... If it's state owned, Mexico needs to put any and all additional revenue into renewables and eat the cost at the government level. I get that they don't have the sovereign dollar power of the US, but the Peso should be able to absorb this transition in the short term. You mean fire people?
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