Reuters exclusively reveals Mexico rainy-day fund may reduce Pemex debt refinancing this year

Reuters exclusively revealed how Mexico’s finance ministry is exploring possibilities to reduce the costly refinancing of ailing state oil company Pemex’s debt this year, including dipping into a budget stabilization fund, according to Finance Minister Carlos Urzua. Urzua told Reuters in an interview that Pemex’s weak credit rating could make it “very costly” to refinance the more than $6 billion of payments that are due this year.