The Mexican giant saw its rating cut two notches from to Baa3/Aa3.mx from Baa1/Aaa.mx -- and its forward-looking view to negative from stable.
"Moody's believes that Pemex's credit metrics will worsen as oil prices remain low, production continues to drop, taxes remain high, and the company must adjust down capital spending to meet its budgetary targets," the agency said in a note.
Pemex,
