Lisa M. Schineller, managing director and lead analyst for Sovereign & International Public Finance Ratings at S&P Global Ratings: “The proposed 2024 Mexican budget includes a somewhat higher deficit than in the last several years on weaker oil revenues, support for Pemex and continued social and infrastructure spending during the final year of the AMLO administration. The top line deficit and planned debt issuance next year came in above market expectations, while consistent with Mexico’s fiscal responsibility law and with the administration’s policy priorities. We expect Congress will pass the budget as it has in prior years. S&P Global Ratings aligns Pemex’s ratings with the sovereign notwithstanding its weak financial profile, as we assume extraordinary support for debt repayment is ‘almost certain.’ The track record of this government has been just that, and this budget further codifies it with specific funds slated for debt amortization and another reduction in Pemex’s tax take. From the sovereign rating perspective, Pemex is among the various fiscal risks, pressures and…”