Summary: Petr?leos Mexicanos (PEMEX) Sep 10

Standard & Poors, September 2010

Abstract
Standard & Poor's Ratings Services' ratings on Petr-leos Mexicanos (PEMEX) reflect our opinion that there is an "almost certain" likelihood that the Mexican government would provide timely and sufficient extraordinary support to PEMEX in the event of financial distress. The foreign-currency credit rating on PEMEX is two notches above the company's stand-alone credit profile. In accordance with our criteria for government-related entities, our view of an almost certain likelihood of extraordinary government support is based on our assessment of PEMEX's "critical" role as the only exploration and production company operating in Mexico, its provision of close to 40% of Mexico's public-sector revenue through taxes and dividends, and its "integral" link with the government, given the government's full and stable ownership...

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

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