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Research Update: MGI Supply Ltd. Assigned 'BBB' Rating; Outlook Stable Feb 11
Standard & Poors, February 2011
MGI is PEMEX's trading arm for international gas purchases and sales. We are assigning our 'BBB' and 'A' foreign and local currency ratings, respectively, to MGI. We believe that MGI will continue to operate as an integrated business with PEMEX. On Feb. 23, 2011, Standard & Poor's Ratings Services assigned its 'BBB' foreign-currency and 'A' local-currency long-term corporate credit ratings to MGI Supply Ltd. (MGI). The outlook is stable. The ratings on MGI are based on our view of the company's operations as an integrated business with Mexico-based oil company Petroleos Mexicanos (PEMEX; FC: BBB/Stable/--; LC: A/Stable/--). MGI is a wholly owned subsidiary of Pemex- Gas y Petroqu-mica B-sica (PGPB), which in turn is a subsidiary entity of PEMEX. PGPB...
Companies mentioned in this report are: MGI SUPPLY LTD,Petroleos Mexicanos (PEMEX)
Action: New Rating
Action: Outlook: Stable
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.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
MGI SUPPLY LTD,Petroleos Mexicanos (PEMEX)