S&P rates Pemex notes BBB

Standard & Poor's said it assigned its BBB rating to Petroleos Mexicanos' (Pemex) A$150 million 6.125% notes due 2017.

The agency said these notes benefit from the irrevocable and unconditional guarantee of payment by Pemex subsidiaries Pemex Exploración y Producción, Pemex-Refinación and Pemex-Gas y Petroquímica Básica.

S&P said the ratings on Pemex reflect the agency's opinion that there is an almost certain likelihood of the company receiving extraordinary government support; therefore, the agency said it equalizes its ratings on Pemex with those on Mexico.

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