Moody's ratings agency downgrades Mexican oil giant Pemex

BY Reuters | CORPORATE | 07/27/21 08:48 PM EDT

MEXICO CITY, July 27 (Reuters) - Ratings agency Moody's on Tuesday downgraded Mexican state oil giant Pemex one notch lower to Ba3, sending the loss-making company's debt deeper into so-called junk territory.

Moody's, in a statement, said the rating was lowered due to "high liquidity risk and increasing business risk as the company faces high debt maturities while it expands its refining capacity and production." (Writing by Drazen Jorgic; Editing by Sandra Maler)

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