Behind the Ratings: PEMEX’s Path and Sovereign Implications
An in-depth discussion on Moody’s recent rating action on PEMEX and its implications for Mexico’s sovereign credit profile. While the upgrade reflects a stronger commitment from the current administration to support the state-owned oil company meets its financial obligations, PEMEX continues to face persistent structural challenges that are expected to result in sustained negative free cash flow. The session will explore the details of the Strategic Plan 2025–2035, the coordinated transactions behind the rating action, and the broader impact on sovereign risk.
Speakers
Ariane Ortiz-Bollin
Associate Managing Director, Sovereign Risk
Moody's Ratings
Roxana Muñoz
Vice President -Senior Credit Officer, Corporate Finance
Moody's Ratings
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Ariane leads a team of New York-based analysts covering a portfolio of sovereign and Multilateral Development Bank (MDB) credits across the Americas. She is tasked with delivering on timely and accurate ratings, impactful content, and high-quality stakeholder engagement, as well as Moody’s digital strategy and incremental growth areas.
Before leading the Americas’ Sovereign Risk Group team, Ariane was part of the Credit Strategy and Guidance team, where she led cross-sector analytic initiatives, research and outreach covering Latin America. She chaired the Latin America Credit Council and ensured global analytical consistency, fostering collaboration across analytical teams.
From 2021 to 2023, Ariane was part of the Global Emerging Markets team, responsible for generating house views and research, and hosted Moody’s Emerging Markets Decoded podcast.
Prior to that, Ariane spent a decade as a sovereign analyst, managing a portfolio of sovereigns and multilateral development banks in Latin America and the Caribbean, including Mexico, Chile and the International Finance Corporation, leading the internal rating committee discussions for her portfolio of credits, country and region-specific publications, and meetings with government officials.
Before joining Moody’s in 2011, Ariane was a research analyst at the Initiative for Policy Dialogue at Columbia University, prior to which she was a corporate credit analyst in Citi-Banamex in Mexico.
Ariane graduated with Honors in Economics from the Instituto Tecnológico y de Estudios Superiores de Monterrey (ITESM) and has a Master’s degree in Public Administration from the School of International and Public Affairs (SIPA) at Columbia University.
Roxana Munoz is responsible for a diverse portfolio in Latin America, including Mexico, Colombia, and Peru. Her portfolio covers states, municipalities, water companies, public universities, toll roads, airports among other infrastructure assets. Prior to joining Moody’s in February 2007, Roxana gained financial analysis experience at the Instituto Tecnológico y de Estudios Superiores de Monterrey, where she was responsible for the analysis of three campi. Also, she was an internal auditor at L’Oreal México. Roxana holds a Master on Finance and a Bachelor on Accounting and Finance (Honors) of Instituto Tecnológico y de Estudios Superiores de Monterrey (ITESM). She also studied at St. Edward’s University in Austin, Texas.