HR Ratings downgraded Mexico's long-term sovereign credit rating from BBB+ to BBB with a stable outlook on Thursday.

On 15 October 2026, the agency downgraded Pemex long-term global credit rating from HR BBB+(G) to HR BBB(G) with stable outlook. HR Ratings stated this Pemex downgrade was made exclusively following the sovereign downgrade.

HR Ratings reaffirmed Pemex's national scale long-term rating at HR AAA with stable outlook. The agency also reaffirmed Pemex's short-term ratings, and noted recovery of the company's revenues and operating cash flow.