Investor Presentaiton
The debt/GDP ratio would increase, while PEMEX still faces a challenging outlook
Primary Balance
% of GDP
PEMEX maturities*
US$ billion
2.0
25
40 (47%)
1.0
Observed GEPC
0.9
20
1.0
0.5
0.3 0.3 0.3
13.4
0.1
0.1
15
0.0
-1.0
-2.0
T
10
-0.3
-0.5
5
0.6
تتا
7.9 7.2 7.1
0
-1.2
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
4.6
6.2
4.6
3.5
2.3 2.0
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
HBPSBR
% of GDP
Rating agencies
Fitch Ratings
S&P Global
55.0
Observed
GEPC
Pre-CGPE
A-
A-
MOODY'S
A3
50.2
49.2
50.0
47.7
48.8 48.8 48.8 48.8 48.8 48.8
BBB+
BBB+
Baal
46.5
BBB
BBB
Sovereing
PEMEX Baa2
Sovereing
45.0
43.2
BBB-
Sovereing
BBB-
Baa3
40.0
BB+
BB+
Ba1
BB
BB
Ba2
35.0
T
T
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
BB-
BB-
Ba3
B+
PEMEX
B+
B1
PEMEX
Notes: Does not include revolving loans with banking institutions
Source: Banorte with data from MoF, PEMEX, Bloomberg and Rating agencies
33
83
Div
Dep
Guid
ESG
DB
Rev
ΤΙ
LD
Loan
BAP
Eco
Mkt
NIM
NI
ROE
ICAP
App
Hist
C/I
3.3
0.5
2035
2038
2040+
Investment
grade
threshold
GRUPO FINANCIERO
BANORTE
23.0View entire presentation