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Petróleos Mexicanos (PEMEX) £350 Million Notes Assigned 'BBB+' Senior Unsecured Rating May 09

  • ID: 1829523
  • May 2009
  • Standard & Poors
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  • Mexico
  • Petroleos Mexicanos
  • MORE

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
- Mexico

Action: New Rating

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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- Petroleos Mexicanos
- Mexico

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