Petroleos Mexicanos (PEMEX) $2 Billion Notes Rated ?BBB? Jul 10

Standard & Poors, July 2010

Abstract
MEXICO CITY (Standard & Poor's) July 20, 2010--Standard & Poor's Ratings Services said today that it assigned its 'BBB' long-term, foreign-currency, senior unsecured debt rating to the $2 billion 5.5% notes due 2021 issued by Petr-leos Mexicanos (PEMEX). These notes benefit from the irrevocable and unconditional guarantee of payment by PEMEX's subsidiary entities, Pemex Exploraci-n y Producci-n, Pemex-Refinaci-n, and Pemex-Gas y Petroqu-mica B-sica (all unrated). "The ratings on 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," said Standard & Poor's credit analyst Fabiola Ortiz. The foreign-currency credit rating on PEMEX is two notches above the company's stand-alone credit...

Companies mentioned in this report are: Petroleos Mexicanos (PEMEX),United Mexican States
Action: New Rating

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Research type: News
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Petroleos Mexicanos (PEMEX),United Mexican States

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