July 22, 2019 / 8:26 PM / 7 months ago

Pemex business plan raises doubts about the company's viability -S&P

MEXICO CITY, July 22 (Reuters) - Mexican state oil company Pemex's newly announced business plan is a risky about-face that raises doubts about the company's long-term viability, analysts with credit ratings agency S&P Global Ratings wrote in a note on Monday.

Nevertheless, the business plan has no immediate impact on the company's credit rating, they wrote in the note.

Last week, Mexico unveiled parts of a keenly awaited business plan meant to bring the world's most indebted oil company back from the abyss, but its vow of $7.2 billion in government support failed to dispel worries of a ratings downgrade. (Reporting by Diego Ore; writing by Julia Love; Editing by David Gregorio)

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