The bonds of Mexican state oil company Pemex took a beating on Friday as investors fretted over chances that Moody’s ratings agency could soon follow Fitch in downgrading the debt to “junk,” which would trigger a forced sell-off. On Thursday, Fitch cut the credit rating of Petroleos Mexicanos, known as Pemex, from investment grade to speculative grade, or “junk,” with a negative outlook, a day after it downgraded Mexico’s sovereign debt. (See graphic on Pemex’s massive debt. here ) Moody’s rates the company’s bonds one notch above junk. If the agency also downgrades Pemex’s debt, it could result in as much as $16 billion of forced selling by investors whose mandates stipulate they must hold bonds of investment-grade quality. Fitch’s downgrade highlighted Pemex’s ailing finances and […]