The Government increases its support for Pemex with an exemption of more than 5.8 billion dollars in taxes. Despite constant support, the oil company remains the most indebted in the world, with 105,836 million dollars.
The complicated financial situation of the parastatal has not gone unnoticed by the rating agencies; last weekend Moody's lowered PemEx's evaluation from B3 to B1 due to refining losses and insufficient production. “The State stripped PemEX of its operating flow for years and that is why it had to go into debt,” says Fluvio Ruiz, an expert on oil issues.