President of Mexico not amused: “In three years there was no investment in exploration, no investment in drilling wells, and they rated Pemex very highly. Now that there is investment, they downgrade Pemex.”

With perfect timing as the new government embarks on restructuring Mexico’s oil industry.

“Even a small deterioration” in its perceived credit risk could take a big financial toll on Mexico itself.

It lost $18 billion in Q4 on declining revenues and production, has $102 billion in debt, and now its world is changing.