Total debt at Petroleos Mexicanos may rise to more than $100 billion in 2016 as the state-run oil producer plans to issue more debt amid a slump oil prices and continued production declines. Pemex, as the world’s eighth-largest oil producer is known, estimates it will borrow $21 billion in 2016, with as much as $20 billion budgeted for national and international debt issuance and a reduction in bank loans, according to an investor presentation posted on the company’s website. The company plans debt payments of $5.3 billion next year, meaning the existing $87 billion in debt would be increased by an estimated $15.7 billion. The state-owned producer reported a record $10.2 billion loss in the third quarter as crude output heads towards an eleventh straight year of declines. Moody’s Investors Service, which downgraded Pemex’s credit rating on Nov. 24, expects Pemex’s “credit metrics will deteriorate further, and its financial […]