Summary: Pemex Project Funding Master Trust Dec 06

Standard & Poors, December 2006

Abstract
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)
Action: Review

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Pemex Project Funding Master Trust,Petroleos Mexicanos (PEMEX)

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