Summary: Petroleos Mexicanos (PEMEX) Apr 05

Standard & Poors, April 2005

Abstract
The ratings on PEMEX, the state-owned Mexican oil and gas company, and the United Mexican States are linked because of the government's ownership of the company, PEMEX's importance to the Mexican economy, the government's heavy dependence on oil-related revenue, and the considerable government oversight of the company, particularly with respect to all fiscal aspects of management. PEMEX accounted for more than 40% of Mexico's public sector revenue in 2004 through taxes and dividends; petroleum and derivatives account for about 15% of the country's total adjusted exports (net of "maquila" imports). We believe PEMEX's willingness to meet its financial obligations is determined by the United Mexican States. We also believe PEMEX's importance as a source of tax revenues and export receipts...

Companies mentioned in this report are: Petroleos Mexicanos (PEMEX),Pemex Project Funding Master Trust,RepConLux S.A.
Action: Review

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

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),Pemex Project Funding Master Trust,RepConLux S.A.

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