Fitch affirms Pemex

Fitch Ratings said it affirmed Pemex Finance Ltd.'s 9.15% series 1998 notes due 2018 and 10.16% series 1999 notes due 2017 at A.

The outlook is stable.

The rating affirmation reflects Pemex's ability to produce and export crude oil at current levels, the strong legal structure that guarantees that oil export payments will be made offshore and the difficulty for Mexico in diverting cash flows away from investors, the very low likelihood that the sovereign would impose material or permanent restrictions on crude oil exports, and the high debt service coverage ratio, the agency said.

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