S&P cuts Pemex outlook to negative

Standard & Poor's said that it revised its outlook on Petróleos Mexicanos and related entity Pemex Project Funding Master Trust to negative from stable.

At the same time, the agency said it affirmed its BBB+ foreign currency and A- local currency long-term corporate credit ratings on Pemex, adding that the outlook revision follows the outlook change on the United Mexican States (BBB+/negative/A-2) to negative from stable.

The mxAAA/mxA-1+ national-scale rating and stable outlook on Pemex are unchanged.

S&P said it also revised the outlook on the $370.3 million senior secured bonds of Conproca SA de CV to negative from stable, reflecting the revision on its off-taker Pemex and that payment obligations to Conproca are guaranteed by Pemex and its subsidiaries.

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