you've already issued a warning on pemex's outlook, in part because we are dealing with so much debt. the short-term, the biggest risk is we have about 4.5 dealers maturing next year, 2022,om then on, from another close to $30 billion maturing in that. this is, alone, the biggest risk in the short term. the long-term and medium-term, the risk is that the company changes its business model toward more refining, and weakens the cash flow and ability of the company to raise its own expenses and pay taxes. this is the biggest two risks we see right now. alix: i'm glad you bring that up. at the end of the day, what does amlo want? in terms of creativity. refineries have been operating at a very low level for a long time now. right now, they are operating at about 37% of their capacity. this means mexico has been forced to import more gasoline and diesel, mostly from the united states. it's not great for the company, certainly at a cost. so what the next government would like to do is raise that capacity and build another refinery. the economic sense of that is certainly questionable. a new

pemex was downgraded from stable. you have had a recent downgrade. did you think that was the right decision? >> i think it was an early decision. changed theirwho on ourtive qualification, they said they did it because they do not know which changes the new administration is going to make. it is too early to change our perspective. i think they should wait. i think they know what they are doing, but they have to wait for the real changes the administration can do. manus: lots of deals get done here. lots of conversations are being had. what is your deal plan? where do you want to do a deal? >> we already sign a lot of deals in 2018. manus: i want to know what you want to do next. >> it is difficult to say because we are going to change the administration. it is difficult to forecast what we are going to do. manus: do you think you need to issue any more paper to bolster the balance sheet? i think our financial program for next year, we should do that. we are reducing our balance sheet. we think we have to going to the market two or three more years.

the pemex ceo joining us after 8:00 a.m..ley from number of. -- nomura. ♪ manus: welcome back to daybreak. we just heard from the mayor of london talking about brexit. steven ashley is our guest host. he is head of wholesale and global markets over at nomura. brexit is incredibly relevant for you. there's only a couple of months left before britain plans to depart. you need to be battle ready or hard brexit ready. how much do you think at this juncture you have to move from nomura in london to be hard brexit ready? firstly, we have to be prepared for every eventuality. that includes hard brexit. withins of actual people our operation, we are looking to send somewhere between 50 to 100 people from here to the continent as well as a number of folks we have hired locally. you have spent your career, a global career, in various centers. how much of a fraction for our domestic market, from the city of london is this brexit? once you move human capital out of the city of london, it is quite hard to get you back. >> it's a great que