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 Petróleos Mexicanos (PEMEX; foreign currency: BBB/Stable/–-; local currency: A-/Stable/–-). MGI is a wholly owned subsidiary of Pemex - Gas y Petroquímica Básica (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 Supply's risk management policies and practices follow PEMEX's directives, it is operated entirely by employees of PGPB, and PGPB backs MGI's funding requirements fully when necessary. The ratings also reflect the company's low operating margins, and the absence of stress and sensitive scenarios. Because the ratings...
Companies mentioned in this report are:
- MEX GAS SUPPLY S.L.
- Petroleos Mexicanos
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