Mexican President Andres Manuel Lopez Obrador took office in December vowing to revive state-owned energy company Pemex and put the brakes on foreign investment to give the public a bigger cut of the country’s oil wealth. The leftist oil nationalist’s ambitions include building a new $8 billion refinery, refurbishing existing refineries and reversing a steady decline in crude production. The problem is that such expensive plans – for the world’s most indebted oil company – have alarmed credit rating agencies, which are threatening to downgrade Pemex bonds to “junk” status. A downgrade could cripple the president’s bold energy agenda, along with his plans to use new oil revenue to help finance social […]