An Overdue Recalibration of the Credit Ratings for Mexico and Pemex

PGIM Fixed Income

June 2019

Francisco Campos-Ortiz, PhD, Lead Economist, Latin America, Global Macroeconomic Research Team, Nick Ivanov, CFA, Head of Emerging Markets Corporate Bond Research, and Matthew Duda, CFA, Portfolio Manager, Emerging Markets Debt Team

In this paper, PGIM Fixed Income discusses the dynamics that led our internal credit ratings on Mexico and Pemex below the average of the rating agencies, our outlook going forward, and how this view is expressed in our investment strategy.




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