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BULLETIN: Pemopro's Senior Secured Bank Facility Fully Repaid Mar 03
Standard & Poors, March 2003
Abstract
Standard & Poor's Ratings Services said today that the senior secured tranche A US$440 million bank loan to Pemopro S.A. de C.V. (foreign currency rating: BBB-/Stable/--) was fully repaid by the project's off-taker: the Mexican state-owned oil company, PEMEX (foreign currency rating: BBB-/Stable/--). According to the PEMEX deferral election notice, the due date to repay the bank loan was March 3, 2003, which PEMEX complied with by causing its financial agents to provide the funds to Pemopro to fully pay off the bank loan. As Standard & Poor's reported on Oct. 24, 2002, Pemopro finished the project, avoiding early termination, and all units received provisional acceptance certificates. The bank loan's credit quality was directly linked to PEMEX's credit rating. The...
Companies mentioned in this report are: Petroleos Mexicanos (PEMEX)
Action: S&P Event
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.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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