Mexico's Ministry of Finance and Public Credit published an update reporting lower market perceptions of credit risk for both the sovereign and Pemex since the start of the current administration. Mexico's five-year credit default swap spread declined by about 40 basis points to 80 basis points, while Pemex's fell by about 238 basis points to 222 basis points. The spread between 10-year Mexican and U.S. dollar-denominated government bonds also narrowed by 20 basis points. Pemex's gross debt as a share of gross domestic product reached an 11-year low in 2025. Fitch upgraded the company by three notches and Moody's by two in the second half of 2025, marking its first credit rating increases since 2013. Pemex subsequently returned to Mexico's local capital market on Feb. 13, 2026, after a six-year absence, attracting MXN 63.285 billion of demand and achieving twofold oversubscription and an average pricing compression of about 40 basis points from initial indications.
2026-08-25Ministry of Finance & Public Credit (Mexico)
Mexico's Ministry of Finance and Public Credit reports sustained decline in sovereign and Pemex credit risk
Mexico's Ministry of Finance and Public Credit reported that five-year credit default swap spreads have fallen to 80 basis points for the sovereign and 222 basis points for Pemex. Pemex's debt reduction and rating upgrades preceded its return to the local capital market, where its February 2026 issuance attracted MXN 63.285 billion of demand and was twice subscribed.