S&P rates Pemex notes BBB+

Standard & Poor's said it has assigned its BBB+ long-term foreign currency senior unsecured debt rating to the €1 billion 5.5% notes due 2017 issued by Petroleos Mexicanos.

These notes benefit from the irrevocable and unconditional guarantee of payment by Pemex's subsidiary entities, Pemex Exploracion y Produccion, Pemex-Refinacion and Pemex-Gas y Petroquimica Basica (all unrated).

"The ratings on Pemex reflect significant support from the Mexican government, the country's large oil and gas reserve base, Pemex's monopoly status in the large Mexican oil and gas market, and its central role in Mexico's energy sector," said S&P credit analyst Enrique Gomez Tagle in a news release.

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