S&P assigns Pemex notes BBB

Standard & Poor's said it assigned its BBB long-term foreign-currency senior unsecured debt rating to the $2 billion of 5.5% notes due 2021 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 Petroquomica Bosica (all unrated), the agency added.

"The ratings on Pemex reflect its opinion that there is an 'almost certain' likelihood that the Mexican government would provide timely and sufficient extraordinary support to Pemex in the event of financial distress," said S&P credit analyst Fabiola Ortiz.

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