HR Ratings affirmed on Thursday, October 15, 2026, the long-term rating of Petróleos Mexicanos on the national scale at HR AAA, with a stable outlook, and lowered its global rating from HR BBB+ to HR BBB, according to Expansión. The company's total debt stands at 77,500 million dollars as of the second quarter of 2026, 9.1% less than the 85,200 million at the close of 2025.
The two ratings do not measure the same thing. The national scale compares Pemex against other issuers in the country; the global scale is measured against the world and tracks Mexico's sovereign rating. Energía Hoy reports that HR Ratings links the global rating to the country's sovereign rating action. For a company whose debt weighs on the federal budget, each rung on that scale changes how much it costs to borrow money and who can buy its bonds.
The agency also highlighted financial improvements. Peso-denominated debt fell 11.6% between the close of 2025 and the second quarter of 2026, to 1.353 trillion pesos, according to Expansión. First-half 2026 revenue totaled 876,000 million pesos, 11.3% more than in the same period of 2025, after an 8.6% annual decline the previous year.
On the operational side, liquids production reached 1.655 million barrels per day in the second quarter of 2026, up 2% from the same period of 2025, driven by condensates, according to Expansión. Energía Hoy adds that the agency reports a reserve replacement rate above 100%.
The question that follows is what the other rating agencies report. Pemex's maturity profile and liquidity conditions are the data point that investors and the debt market will keep a close eye on in the coming reviews.
This article was written with the assistance of artificial intelligence from verified sources and reviewed by a human editor before publication.
