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BULLETIN: PEMEX's Ratings Unaffected By Its Recent Announcement On Negative Shareholder Equity May 06
Standard & Poors, May 2006
Abstract
MEXICO CITY (Standard & Poor's) May 3, 2006--Standard & Poor's Ratings Services said today that Petroleos Mexicanos' (PEMEX; local currency: A-/Stable/--, foreign currency: BBB/Stable/--) announcement that its 2005 audited financial statements will show negative shareholders' equity has no impact on the issuer's rating and outlook. The announcement is not an unexpected development, given that the issuer's shareholders equity under U.S. GAAP has been negative in previous years, most recently in 2003. Also, the announcement underscores Standard & Poor's concerns regarding the increase in PEMEX's exposure to commodity price volatility as a result of the continued increase in the issuer's debt burden and pension liabilities. Standard & Poor's ratings on PEMEX are predicated on the opinion that PEMEX's willingness to meet...
Companies mentioned in this report are: Petroleos Mexicanos (PEMEX)
Action: Bulletin
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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