S&P rates Pemex notes BBB+

Standard & Poor's said it assigned a BBB+ long-term foreign-currency senior unsecured debt rating to the CHF 350 million 3½% notes due 2014 issued by Petróleos Mexicanos, guaranteed by subsidiaries Pemex Exploración y Producción, Pemex-Refinación and Pemex-Gas y Petroquímica Básica (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," S&P analyst Enrique Gomez-Tagle said in a statement.

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