FILE PHOTO: Mexico’s Finance Minister Carlos Urzua listens as President Andres Manuel Lopez Obrador (not pictured) speaks to the media during a news conference to announce a plan to strengthen finances of state oil firm Pemex, at the National Palace in Mexico City, Mexico February 15, 2019. REUTERS/Henry Romero/File Photo

WASHINGTON (Reuters) – Mexican Finance Minister Carlos Urzua said on Saturday he does not expect rating agencies to further downgrade the credit rating of state-owned energy company Pemex.

With $106 billion in financial debt, Pemex is the world’s most indebted oil company and is teetering on the brink of having its debt downgraded to below investment grade.

“We don’t believe Pemex’s credit rating will be downgraded,” Urzua said in a press conference at the IMF and