S&P downgrades debt-laden Mexican state oil firm Pemex

MEXICO CITY - Ratings agency Standard & Poor’s on Monday slashed the stand-alone credit profile of Petroleos Mexicanos to ‘B-‘ from ‘BB-‘, piling pressure on the Mexican government to tighten up the debt-laden state oil firm’s finances.

The peso currency was slightly weaker on Monday after the S&P moves, which followed a string of warnings about Pemex’s financial health. At 2:32 p.m. ET , the peso was trading down by 0.41 percent against the dollar. Mexican President Andres Manuel Lopez Obrador has pledged to revive Pemex, which had financial debt of nearly $106 billion at the end of 2018, and is struggling with declining production.

S&P said on Monday that Pemex could require at least $20 billion over multiple years to avoid “further deterioration.”

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