But neither Greece nor Dubai is an oil producer. For energy-focused investors Mexico’s deteriorating fiscal position and the actions of the country’s national oil company (NOC), Petroleos Mexicanos (PEMEX), are cause for concern. Pemex is the third-largest supplier of crude to the US, behind only Canada and Saudi Arabia. To put the company’s operations in perspective, Pemex produced more crude oil than US energy giant Exxon Mobil (NYSE: XOM) in 2008.

Mexico’s troubles are less severe but also less well-recognized and understood. Standard & Poor’s lowered the country’s long-term sovereign debt rating from BBB+ to BBB on December 14.

read more at [kciinvesting.com]