Moody's rates Pemex bonds Baa1

Moody's Investors Service said it assigned a Baa1 foreign-currency bond rating to Petróleos Mexicanos' (Pemex) issuance of $1 billion of fixed-rate global bonds due June 15, 2035.

The outlook is stable.

The rating reflects the senior unsecured status of the notes and subsidiary guarantees, Moody's said, and is consistent with the ratings on the company's other existing senior unsecured foreign-currency debt.

The ratings also reflect the company's position as Mexico's largest Corp. and its monopoly status as the country's sole producer of crude oil, natural gas and refined products, Moody's said.

Although the company's debt is not guaranteed by the Mexican government, the ratings also consider implicit government support given the company's strategic importance to for the government and the people of Mexico, the agency said.

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