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Summary: Pemex Project Funding Master Trust Dec 06
Standard & Poors, December 2006
The foreign currency rating assigned to Pemex Project Funding Master Trust reflects the foreign currency rating on Petroleos Mexicanos (PEMEX). PEMEX established Pemex Project Funding Master Trust as a Delaware trust with PEMEX as the sole beneficiary. All debt issued by the Pemex Master Trust benefits from the irrevocable and unconditional guarantee of PEMEX and its subsidiary entities, including Pemex Exploraci-n y Producci-n, Pemex-Refinaci-n, and Pemex-Gas y Petroqu-mica B-sica. The ratings on PEMEX, the state-owned Mexican oil and gas company, and those on the United Mexican States (LC: A/Stable/A-1; FC: BBB/Stable/A-3) are linked because of the government's ownership of the company, PEMEX's importance to the Mexican economy, the government's heavy dependence on oil-related revenue, and the considerable government oversight of...
Companies mentioned in this report are: Pemex Project Funding Master Trust,Petroleos Mexicanos (PEMEX)
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Pemex Project Funding Master Trust,Petroleos Mexicanos (PEMEX)