May 14, 2019 / 12:23 AM / in 2 months

Latest Mexico decisions on Pemex neutral for credit rating-S&P

MEXICO CITY, May 13 (Reuters) - The financial package announced by the Mexican government on Monday and an earlier decision to have state oil company Pemex build a new refinery are neutral to Standard & Poor’s assessment of Pemex’s credit rating, the rating agency said on Monday.

“The announcement that the government made today – and I would say even the announcement that was made last week on the new refinery project – both of them are neutral to the rating,” said Luis Manuel Martinez, a sector specialist at S&P.

Mexican President Andres Manuel Lopez Obrador earlier announced measures designed to help Pemex with its debt load by renewing credit lines with three banks, as well as plans to gradually reduce the company’s tax burden. (Reporting by Stefanie Eschenbacher Editing by Dave Graham)

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