Mexico’s Pemex Still Struggles Despite the Oil Price Surge

Mexican state oil giant Pemex was spared a rating downgrade at Moody’s despite the agency slashing Mexico’s sovereign rating to just one notch above junk status.

Yet, the affirmation of Pemex’s ratings masks the struggles of the heavily indebted Mexican oil firm, which has failed to deliver profits even as oil prices surged to above $100 in recent months.