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United States : Pemexs US$8b loan request comes amid heavy uncertainty

May 16, 2019 (Euclid Infotech Ltd via COMTEX) --

Petrleos Mexicanos' (Pemex) US$8 billion bank loan comes amid heavy investor uncertainty over the oil company's debt load, but lenders wanting to maintain links with Pemex and the left-wing administration overseeing the firm may have little choice but to commit to the financing.

The Mexican state-backed oil producer is tapping its relationship banks to refinance a chunk of liabilities, a big ask when there is minimal visibility over Pemex's refining capabilities and doubts over future revenue for a company that was once a darling among fixed-income investors.

"No one is excited about it," said a senior banker following the transaction.

"The credit is very difficult. Everyone is doing it because it is owned by the Mexican government. Mexico would never not support it," said a second senior banker of the government's implicit guarantee of the company's finances.

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