MEXICO CITY (Reuters) - Mexican state oil company Pemex’s newly announced business plan is a risky about-face that raises doubts about the company’s long-term viability, analysts with credit ratings agency S&P Global Ratings wrote in a note on Monday.
Nevertheless, the business plan has no immediate impact on the company’s credit rating, they wrote in the note.
Last week, Mexico unveiled parts of a keenly awaited business plan meant to bring the world’s most indebted oil company back from the abyss, but its vow of $7.2 billion in government support failed to dispel worries of a ratings downgrade.
Reporting by Diego Ore; writing by Julia Love; Editing by David Gregorio
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