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 Petroquímica Básica (PGPB), which in turn is a subsidiary entity of PEMEX. PGPB...
Companies mentioned in this report are:
- MGI SUPPLY LTD
- Petroleos Mexicanos
Action: New Rating
Action: Outlook: Stable
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