Summary: Petr?leos Mexicanos (PEMEX) Mar 09

Standard & Poors, March 2009

Abstract
Standard & Poor's Ratings Services' ratings on Petr-leos Mexicanos (PEMEX) reflect significant support from the United Mexican States (foreign currency BBB+/Stable/A-2; local currency A+/Stable/A-1), Mexico's large oil and gas reserve base, PEMEX's monopoly status in the large Mexican oil and gas market, and its central role in Mexico's energy sector. Nevertheless, the local currency rating on PEMEX is two notches below that on Mexico. This reflects PEMEX's highly leveraged financial profile, unfavorable reserve replacement rate compared with that of other investment-grade oil companies, and declining production volume. The company's after-tax financial measures are very weak for the rating category because of large unfunded pension obligations and a substantial share of revenues taken by the government. This has resulted in PEMEX...

Companies mentioned in this report are: Petroleos Mexicanos (PEMEX)
Action: Review

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Petroleos Mexicanos (PEMEX)

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