MEXICO CITY (Standard & Poor's) May 21, 2009--Standard & Poor's Ratings Services said today that it assigned its 'BBB+' long-term foreign currency senior unsecured debt rating to the £350 million 8.25% notes due 2022 of Petróleos Mexicanos (PEMEX). These notes benefit from the irrevocable and unconditional guarantee of PEMEX's subsidiary entities Pemex Exploración y Producción, Pemex-Refinación, and Pemex-Gas y Petroquímica Básica (all unrated). The ratings on PEMEX reflect significant support from Mexico, the country'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," said Standard & Poor's credit analyst Enrique Gomez Tagle. Nevertheless, the local currency rating on PEMEX is two notches below that...
Companies mentioned in this report are:
- Petroleos Mexicanos
Action: New Rating
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Research type: News
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