Fitch affirms Pemex

Fitch Ratings said it has affirmed the foreign currency issuer default rating and all outstanding internationally rated debt securities of Petroleos Mexicanos at BBB.

In addition, Fitch said it has affirmed Pemex's local currency issuer default rating at BBB+.

Fitch noted that it has also affirmed the national short-term rating at F1+ as well as the national long-term rating and all related nationally rated debt securities at AAA(mex).

The outlook remains stable.

According to the agency, the ratings of Pemex reflect solid pretax financial and export-oriented operating profile, an attractive upstream cost structure, its fiscal importance to the sovereign, and its dominant domestic market position.

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