The dollar price rises this afternoon and is offered in more than 24 pesos, after the cuts at Mexico and Pemex ratings that were announced on Friday, and the collapse of the petro-prices this Sunday.
In international negotiations, the badge trades at 24.04 units, 1.4% or 34 cents more than Friday’s close in operations reported by the Bloomberg agency.
The dollar rises in price after two of the top three global rating agencies They announced cuts to Pemex notes on Friday. In particular, one of them cut the country’s sovereign rating when the market had already closed.
This agency was Moody’s, which downgraded Mexico’s credit rating to Baa1 from A3, maintaining the negative perspective, that is, you can reduce it again in the following months; and also cut the pemex note two levels speculatively, to Ba2 from Baa3.
Also read: Oil prices plummet to their lowest level since 2001
The same day, Fitch downgraded the oil company to BB- from BB and revised the outlook to stable, the second time this agency downgrades Pemex since April began.
Last Wednesday, Fitch had already announced a downgrade to the Mexican note to BBB- from BBB, one notch above the speculative grade, arguing that the economic shock of the coronavirus It will lead the country to a “severe recession” in 2020.
After Friday’s adjustments, the Secretary of Finance issued a statement in which it ensures that the investment grade of Mexico’s debt still allows for broad access to national and international financing under favorable conditions, and that investors “maintain a strong demand for government debt instruments in all their terms and modalities ”.
From the dependency point of view, this is contrasted with the lower holding of government securities in the hands of foreign investors reported by the Bank of Mexico (Banxico).
On March 26, the agency Standard & Poor’s (S&P) downgraded Mexico’s rating one level, to BBB from BBB +, keeping the outlook negative; In addition, the Pemex rating decreased from to BBB from BBB +.
The fall of the peso against the dollar is also related to international oil prices, which plummet this Sunday despite the historic agreement between the Organization of Petroleum Exporting Countries (OPEC), Russia, Mexico and other nations to cut crude production, which they announced a week ago.
The barrel extracted from Texas, known as WTI and main reference for the Mexican mix, it is exchanged this afternoon at $ 17.27 and is the lowest price since November 2001, after decreasing this Sunday by 5.5% or one unit compared to Friday, according to information from the Bloomberg agency.
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