The recent decision by S&P Global not to improve Pemex's credit rating highlights a significant gap between the official discourse and the financial reality of Mexico's state oil company, led by Víctor Rodríguez. The Ministry of Energy, directed by Luz Elena González, had hinted at potential advances in the company's credit rating, suggesting a more favorable financial outlook. However, S&P Global was clear in its assessment, indicating that no changes have been made to the credit rating at this time. This inconsistency speaks to the challenges Pemex faces in maintaining investor confidence and affecting its financing costs.

As of 2025, Pemex concluded the year with a substantial financial debt amounting to approximately $84.5 billion, which, although lower than the previous year, still involves significant payments to suppliers related to services rendered in 2023 and 2024. The lack of clarity regarding these payments raises concerns among stakeholders about whether they will be fulfilled, as they are not included in Banobras' mechanisms. This state of uncertainty leaves many projects and financial obligations in limbo, further complicating the outlook for Pemex's financial stability.

The situation underscores a growing tension between governmental assurances and actual market realities, which could have far-reaching implications for Pemex's operations and the overall oil sector in Mexico. Investor faith in Pemex is crucial, as any downgraded rating could escalate borrowing costs and limit access to essential financing, thereby impacting the company’s ability to function effectively in a highly competitive industry. As the government navigates these challenges, the financial health of Pemex remains under scrutiny both domestically and internationally.