Pemex Issues $1.5-Bln Bond To Refinance Massive Debt

Mexico’s state oil company Pemex has issued a $1.5-billion bond to raise funds necessary to refinance existing debt, Reuters reported, quoting a source in the know that remained unnamed. According to the report, this is the first time the Mexican giant has raised new debt after it lost its investment-grade rating from Moody’s. Fitch has a BBB- rating on Pemex, which is still in investment-grade. Regardless of credit ratings, however, Pemex has become the most indebted energy company in the world and that’s despite efforts by the…