S&P rates Pemex notes BBB

Standard & Poor's said it assigned its BBB long-term foreign-currency senior unsecured debt rating to the $1 billion 6% notes due 2020 issued by Petroleos Mexicanos SAB de CV.

These notes benefit from the irrevocable and unconditional guarantee of payment by the company's subsidiaries, S&P said.

The ratings reflect an "almost certain" likelihood that the Mexican government would provide timely and sufficient extraordinary support to the company in the event of financial distress, the agency said.

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