Da Fitch di 3 mesi fa
PEER ANALYSIS
PEMEX's link to the sovereign is weaker compared to Petroleo Brasileiro S.A. (Petrobras) (BB/Stable), Ecopetrol S.A. (BB+/Negative), and Empresa Nacional del Petroleo (ENAP) (A-/Stable), which benefit from stronger government support and increased oversight.
However, PEMEX compares favorably to Petroleos del Peru - Petroperu S.A. (CCC+) as Peru's government only meets Petroperu's immediate needs without improving its capital structure. Petroperu's market share drop to 25% from 45% caused minimal disruptions due to alternative fuel imports. Fitch believes regional governments, except for Mexico and Peru, have taken steps to ensure their national oil and gas companies' SCPs remain viable long term.
Fitch views PEMEX's SCP as commensurate with the 'ccc' level, which is 10 notches below Petrobras's 'bbb' SCP and nine notches below Ecopetrol's 'bbb-' SCP. The differences are primarily due to PEMEX's weaker capital structure and persisting cash burn. PEMEX's SCP reflects the company's historically large transfers to Mexico's federal government, weakening operations, and a large and increasing financial debt balance when compared with 1P reserves and elevated EBITDA-adjusted leverage. Comparatively, Ecopetrol and Petrobras significantly strengthened their capital structures and maintained stable operating profiles.
