Moody’s Investors Service hosted a webinar on Wednesday June 12, 2019 to discuss the change in Mexico’s Sovereign ratings outlook to negative from stable, the change in Pemex’s ratings outlook to negative from stable, as well as the credit implications for Sub-Sovereigns.
• Key driver behind Mexico’s outlook change: deteriorating policy environment and its impact on growth and fiscal outlook
• Key drivers behind Pemex’s outlook change and rationale behind lowering the BCA to caa1, which reflects our expectations of ongoing negative free cash flow and declining proved reserves
• Implications of change in sovereign outlook for sub-sovereigns and Pemex ratings
• Other credit factors weighing on Mexican issuers across sectors
• Mauro Leos, Associate Managing Director - Americas, Sovereign Risk Group (Moderator)
• Jaime Reusche, Vice President – Senior Credit Officer, Sovereign Risk Group
• Pete Speer , Senior Vice President, Corporate Finance Group
• Maria del Carmen Martinez-Richa, Vice President – Senior Analyst, Sub-Sovereign
This discussion lasted approximately 60 minutes and included a Q&A session.
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