Fitch Ratings warned that insufficient fiscal consolidation, a prolonged economic downturn, or a loss of credibility in public policies could pressure Mexico's sovereign credit rating, and it views Pemex as an additional risk to public finances.

The agency called Mexico's fiscal consolidation relatively modest, its medium-term fiscal challenges persistent, and a structural tax reform relevant in the coming years.

The warning, filed on Sept 21, places Pemex alongside the fiscal path as a strain on the country's credit profile.