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Mexico's heavily indebted Pemex ends ratings contract with Fitch

·2-min read
FILE PHOTO: A Pemex gas station is seen in Mexico City

MEXICO CITY (Reuters) - Mexican state oil company Petroleos Mexicanos (Pemex) said on Tuesday that it has ended a contract with credit ratings agency Fitch Ratings, less than a week after it posted a 2020 fourth quarter result that underwhelmed investors.

Fitch was the first of the big three agencies to downgrade Pemex bonds to speculative grade, or junk. In March last year, it also identified Pemex as the most vulnerable among national oil companies in Latin America.

Debt issuers such as nations and companies usually pay ratings agencies including Fitch, Moody's Investors Service and S&P Global Ratings to help investors judge risk.

Pemex, the world's most indebted national oil company, has outstanding bonds worth tens of billions of dollars.

A source familiar with the decision said Pemex did not need to be rated by all three agencies, and that the decision of which one to drop was made after taking into account quality of service and the "technical seriousness of the ratings analysis."

Pemex and Fitch did not immediately respond to requests for comment.

Luis Gonzali, co-director at Franklin Templeton, said that the market considers it best practice to have contracts with the three main credit rating agencies.

"It sends the wrong signal to global investors," he said, of the contract cancellation.

Pemex said it will continue to receive the rating services required by regulators for the sale of securities.

The statement added that the end of the Fitch contract was aimed at helping Pemex face a "current complex economic context" by optimizing the rating services it uses.

The source said the company did not intend to terminate its contracts with Moody's or S&P, or a smaller third company called HR Ratings.

Last week, Pemex reported a $6.23 billion net profit. But much of it was down to currency gains. Its operations made losses, financial debt rose and crude oil production fell.

Pemex said the termination of the contract takes effect on Thursday.

(Reporting by Daina Beth Solomon, Stefanie Eschenbacher and Ana Isabel Martinez; editing by Frank Jack Daniel and Richard Pullin)

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Claim Your FREE Sample Copy with Table of content@ https://www.emergenresearch.com/request-sample/631 Rapid advancements of technologies such as IoT systems, WSN, cloud computing, gas sensing, and other technologies are expected to drive market growth to a significant extent going ahead. Major players are currently focused on various research activities to develop satellite-based air quality monitoring systems. Satellite-based remote sensor technology measures the concentration level of pollutants in the atmosphere through interference in light emitted or reflected from earth. Growing importance of technical standardization of organizations on the implementation of advanced measuring principles such as ultraviolet fluorescence measuring principle is a key factor fueling revenue growth of the global market. 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Contact Us: Eric Lee Corporate Sales Specialist Emergen Research | Web: www.emergenresearch.com Direct Line: +1 (604) 757-9756 E-mail: sales@emergenresearch.com Facebook | LinkedIn | Twitter | Blogs Read Full Press Release@ https://www.emergenresearch.com/press-release/global-blood-brain-barrier-market

  • Wyloo completes purchase of cornerstone position in Noront Resources

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  • Digital Health Technologies Market is Projected to Reach USD 68.17 billion and Rise at CAGR of 4.80% by 2028 - GENERAL ELECTRIC COMPANY, Abbott, Bosch Healthcare Solution, Bayer AG, Huawei Technologies

    SAN FRANCISCO, April 22, 2021 (GLOBE NEWSWIRE) -- Digital Health Technologies Market Report gives essential information, objective insights regarding international market trends and leads, competitor analysis, and much more. All the teams involved in designing this market research report that includes consultants, market researchers, and data providers work hand-in-hand to generate more insightful data. This business report provides industry players with crucial support to expand their customer base within diverse market spaces. Traditional research methodologies are supplemented with innovative approaches to offer evidence-based insights via the Digital Health Technologies Market research report. The suggestions that can be highlighted with the Digital Health Technologies Market marketing document do not just match today’s fast-evolving business trends, but also allow companies to capitalize on them. The report offers the most infallible and accurate data through the 360 degree research methodology. While formulating this market analysis report, research analysts give support 24×7 to precisely understand and satisfy the business requirements. Seasoned analysts and competent experts ensure credibility of the market data and provide it in the quickest turnaround time. An excellent Digital Health Technologies Market research report can help to stay ahead of the competition. Digital Health Technologies Market Analysis: The digital health technologies market is expected to gain market growth in the forecast period of 2021 to 2028. Data Bridge Market Research analyses the market to account to USD 68.17 billion by 2028 and will grow at a CAGR of 4.80% in the above mentioned forecast period. Digital health technologies are the merger of digital and genomic technologies. These technologies are largely used for health and healthcare to improve the efficiency of healthcare delivery, to make medicines more specific and resourceful. The rapid increase in venture capital investments, rise in healthcare expenditure and the increase in need for digital healthcare services in emerging economies are expected to offer significant growth opportunities for the digital health technologies market in the forecast period of 2021 to 2028. Get Sample Copy of the Report to understand the structure of the complete report (Including Full TOC, Table & Figures): https://www.databridgemarketresearch.com/request-a-sample/?dbmr=global-digital-health-technologies-market Digital Health Technologies Market Key Competitors: The major players covered in the report are IBM Koninklijke Philips N.V.Johnson & Johnson ServicesHuawei TechnologiesAT&T Intellectual PropertyCerner CorporationBio-TelemetryEClinicalWorksGENERAL ELECTRIC COMPANYAbbottBosch Healthcare SolutionBayer AGHuawei TechnologiesiHealth Labs Access Full Report @ https://www.databridgemarketresearch.com/checkout/buy/singleuser/global-digital-health-technologies-market Segmentation: Global Digital Health Technologies Market:By Technology Tele healthcaremHealthHealth AnalyticsDigital Health Systems Delivery Mode On-PremiseCloud-Based Component SoftwareServicesHardware Application CardiologyDiabetesNeurologySleep ApneaOncology By Region North America (United States, Canada and Mexico)Europe (Germany, France, UK, Russia and Italy)Asia-Pacific (China, Japan, Korea, India and Southeast Asia)South America (Brazil, Argentina, Colombia etc.)Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa) To Gain More Insights about Digital Health Technologies Market Analysis and Browse Summary of the Research Report @ https://www.databridgemarketresearch.com/reports/global-digital-health-technologies-market Competitive Analysis of Digital Health Technologies Market The Digital Health Technologies Market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to the digital health technologies market. Some of the Major Highlights of TOC covers: Global Digital Health Technologies Market Chapter 1: Methodology & Scope Definition and forecast parametersMethodology and forecast parametersData Sources Chapter 2: Executive Summary Business trendsRegional trendsProduct trendsEnd-use trends Chapter 3: Access Control Industry Insights Industry segmentationIndustry landscapeVendor matrixTechnological and innovation landscape Chapter 4: Access Control Market, By Region Chapter 5: Company Profile Business OverviewFinancial DataProduct LandscapeStrategic OutlookSWOT Analysis Get Download Exclusive Details Table of Content along with fact and Figures @ https://www.databridgemarketresearch.com/toc/?dbmr=global-digital-health-technologies-market Key Offerings: Market Size & Forecast by Revenue | 2021−2028Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunitiesMarket Segmentation – A detailed analysis by product, by types, end-user, applications, segments, and geography Competitive Landscape – Top key vendors and other prominent vendors Inquire More about This Report, Visit At https://www.databridgemarketresearch.com/inquire-before-buying/?dbmr=global-digital-health-technologies-market Reason to Get Report: Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the Digital Health Technologies MarketHighlights key business priorities in order to assist companies to realign their business strategies.The key findings and recommendations highlight crucial progressive industry trends in the Digital Health Technologies Market, thereby allowing players to develop effective long term strategies.Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation and industry verticals. Trending Related Reports North America Digital Health Monitoring Devices Market - By Product (Devices, Software, Services), Type (Wireless Health, Mhealth, Telehealth, EHR/EMR, Others), End User (Hospital, Homecare Settings, Clinics, Ambulatory Surgical Centres, Others), Country (U.S., Canada and Mexico) https://www.databridgemarketresearch.com/reports/north-america-digital-health-monitoring-devices-marketGlobal eHealth Market - By Product & Service (eHealth Solutions, eHealth Services), End User (Healthcare Providers, Pharmacies & Healthcare Payers, Healthcare Consumers, Others), Country (U.S., Canada, Mexico, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Brazil, Argentina, Rest of South America, South Africa, Saudi Arabia, UAE, Egypt, Israel, Rest of Middle East & Africa) https://www.databridgemarketresearch.com/reports/global-ehealth-marketGlobal Digital Health Monitoring Devices Market- By Product (Devices, Software, Services), Type (Wireless Health, Mhealth, Telehealth, EHR/EMR, Others), End User (Hospital, Homecare Settings, Clinics, Ambulatory Surgical Centres, Others), Geography (Europe, Asia-Pacific, South America, North America, Middle East and Africa) https://www.databridgemarketresearch.com/reports/global-digital-health-monitoring-devices-market Global Telehealth Market - By Component (Services, Software, and Hardware), Mode of Delivery (Web-Based Delivery Mode, Cloud-Based Delivery Mode, and On-Premise Delivery Mode), End User (Providers, Payers, Patients, and Other End Users), and Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa) https://www.databridgemarketresearch.com/reports/global-telehealth-market About Data Bridge Market Research An absolute way to forecast what future holds is to comprehend the trend today! Data Bridge Market Research set forth itself as an unconventional and neoteric Market research and consulting firm with unparalleled level of resilience and integrated approaches. We are determined to unearth the best market opportunities and foster efficient information for your business to thrive in the market. Data Bridge endeavors to provide appropriate solutions to the complex business challenges and initiates an effortless decision-making process. Data Bridge adepts in creating satisfied clients who reckon upon our services and rely on our hard work with certitude. We are content with our glorious 99.9 % client satisfying rate. About Us:Data Bridge Market ResearchUS: +1 888 387 2818UK: +44 208 089 1725Hong Kong: +852 8192 7475Email - corporatesales@databridgemarketresearch.com

  • Stocks Drop on Biden Plan to Lift Capital-Gain Tax: Markets Wrap

    (Bloomberg) -- U.S. stocks headed for their biggest slide since mid-March after President Joe Biden was said to propose almost doubling the capital-gains tax for the wealthy. The dollar rose.The S&P 500 turned lower after Bloomberg News reported that for those earning $1 million or more, the new top rate, coupled with an existing surtax on investment income, means that federal tax-rates for rich investors could be as high as 43.4%. Speculation arose that some investors may sell shares before any change is made to capture the lower rate. Equities whipsawed throughout the session amid mixed economic data and renewed concern the pandemic was worsening.Most major groups in the S&P 500 fell, led by commodity and technology shares. AT&T Inc. rallied after beating profit estimates. Data Thursday showed sales of previously owned U.S. homes slid in March to a seven-month low, while jobless claims posted an unexpected decline last week.“Sticker shock over some of these tax figures will be hard to shake off for some investors,” Edward Moya, senior market analyst at Oanda Corp, wrote in a note. “Some traders are looking for an excuse to lock in profits and they might choose to use this tax story as their catalyst.”A gauge of market breadth suggests investor concerns remain. The percentage of Russell 2000 members trading above their 50-day moving average fell below 40%, compared to about 80% for the large-cap S&P 500, a smidgen off a record gap, according to data compiled by Bloomberg going back to 1995. It’s too early to tell whether this can morph into something larger, but previous instances have led to subsequent pressure on U.S. stocks, wrote Sundial Capital Research founder Jason Goepfert in a note to clients.Elsewhere, Bitcoin declined for the sixth time in seven days, extending losses after the higher capital gains proposal was revealed. Investors already face a capital-gains tax if they hold the cryptocurrency for more than a year.Here are some key events to watch this week:U.S. releases new home sales data Friday.These are some of the main moves in markets:StocksThe S&P 500 sank 0.8% at 3:10 p.m. New York time.The Stoxx Europe 600 Index advanced 0.7%.The MSCI All-Country World Index declined 0.2%.CurrenciesThe Bloomberg Dollar Spot Index increased 0.3%.The euro declined 0.2% to $1.2006.The Japanese yen was little changed at 108.09 per dollar.BondsThe yield on 10-year Treasuries was little changed at 1.55%.Germany’s 10-year yield climbed one basis point to -0.25%.Britain’s 10-year yield was unchanged at 0.74%.CommoditiesWest Texas Intermediate crude advanced 0.5% to $61.63 a barrel.Gold declined 0.6% to $1,782 an ounce.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • Popyrin, Millman tumble in Serbia Open

    Alexei Popyrin's impressive progress on the clay in his breakthrough season was halted rudely by Italian qualifier Gianluca Mager at the Serbia Open in Belgrade while John Millman's difficult season suffered another setback.Popyrin cut a frustrated figure as he went down 7-5 6-2 to Mager after one of his most disappointing matches in recent weeks on Thursday, a few hours after Millman had given up a one-set lead against Japan's Taro Daniel before losing 3-6 6-2 6-3.

  • CONCACAF names US host cities for Gold Cup matches

    Nine stadiums across the United States, six of them in Texas, were named Thursday as host venues for the Gold Cup football tournament by North American regional governing body CONCACAF.

  • John Kerry praises Biden's action on climate change

    Special Presidential Envoy for Climate John Kerry on Thursday touted President Biden’s climate pledge, saying, “We had to prove that we were serious.”