Moody’s lowered the debt rating issued by the Deer Park refinery by one notch on Thursday, two days after Petróleos Mexicanos (Pemex) announced that it would buy half of the complex from Anglo-Dutch firm Shell.
The argument was that Pemex’s debt rating is lower than Shell’s credit profile.
The Mexican company announced that it will buy for 596 million dollars 50 percent of the shares of the complex, located in Texas, owned by Shell.
“The review for the downgrade of the Baa3 to Baa2 ratings reflects Moody’s expectation that following the sale, Deer Park’s ratings will be driven primarily by its independent credit dynamics and Pemex’s much weaker credit profile,” it reported. the financial firm.
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