MGI Supply Ltd. Sep 11

Standard & Poors, September 2011

Abstract
Business operations that are integrated with those of Petr-leos Mexicanos (PEMEX); Full backing of the company's funding requirements by Pemex - Gas y Petroqu-mica B-sica (PGPB); and Risk management policies and practices according to PEMEX's directives. Low operating margins; and Absence of stress and sensitive scenarios. Standard & Poor's Ratings Services' ratings on MGI Supply Ltd. are based on our view of the company as a business integrated with Mexico-based oil company Petr-leos Mexicanos (PEMEX; foreign currency: BBB/Stable/--; local currency: A-/Stable/--). MGI is a wholly owned subsidiary of Pemex - Gas y Petroqu-mica B-sica (PGPB; not rated), which in turn is a subsidiary of PEMEX. PGPB is MGI's main client, and its operations follow PEMEX's operating and trading needs. MGI...

Companies mentioned in this report are: MGI SUPPLY LTD,United Mexican States,Nacional Financiera S.N.C. (NAFIN),Banco Nacional de Comercio Exterior S.N.C.,Comision Federal De Electricidad,Petroleos Mexicanos,Banco Nacional de Obras y Servicios Publicos S.N.C.,Kot Insurance Co. A.G.,Proyectos de Energia,Sociedad Hipotecaria Federal S.N.C.,Instituto Para La Proteccion al Ahorro Bancario,P.M.I. Trading Ltd.,SEGUROS DE CREDITO A LA VIVIENDA SHF S.A. DE C.V.,PMI Norteamerica S.A. de C.V.
Action: Review

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.

Research Type: Full Analysis

MGI SUPPLY LTD,United Mexican States,Nacional Financiera S.N.C. (NAFIN),Banco Nacional de Comercio Exterior S.N.C.,Comision Federal De Electricidad,Petroleos Mexicanos,Banco Nacional de Obras y Servicios Publicos S.N.C.,Kot Insurance Co. A.G.,Proyectos de Energia,Sociedad Hipotecaria Federal S.N.C.,Instituto Para La Proteccion al Ahorro Bancario,P.M.I. Trading Ltd.,SEGUROS DE CREDITO A LA VIVIENDA SHF S.A. DE C.V.,PMI Norteamerica S.A. de C.V.

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