Mexican President rates “Fitch Ratings” as hypocrites

President Andrés Manuel López Obrador described Wednesday as “very hypocritical” the reduction of the rating agency Fitch Ratings on Pemex’s debt.

“It is very hypocritical what these organizations do, that they allowed looting, that they endorsed the so-called energy reform, that they knew that foreign investment did not come (to Mexico), that investment in Pemex was not increased (…) and that They never said anything,” he said.

Fitch Ratings downgraded Pemex’s debt notes on Tuesday and placed them in a negative outlook, leaving them on the verge of losing investment grade. Lopez Obrador claimed that now that the federal government “is regaining control of Pemex” and fighting fuel theft, agencies such as Fitch reduce the rating of Pemex debt.

“The rating agency has taken into account, as the technocrats say, this variable? Did you take into account that rating agency that through the intervention of our Government we are going to save 30 billion pesos to those who were requesting that they be returned the tax on the rent?” he said.

He said that this reduction is based on the fact that these agencies do not like the change promoted by their Government.

“If they impose an economic policy 36 years and then there is a change because they are upset, dissatisfied and try to discredit us,” he complained.

The president clarified that the Government does take into account the qualifications of these agencies, but stressed that they are not infallible. The president said that currently Pemex “is better than in the last 30 years because the main problem of Pemex was corruption and Pemex is already being cleaned of corruption.”

Unauthorized translation of the original article in Spanish, published on January 30 (2019), in the newspaper El Financiero by Arturo Rodriguéz García.

Source: AMLO se lanza contra Fitch tras baja de calificación a Pemex: Son hipócritas que permitieron el saqueo.

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