Moody's: Pemex notes Baa1

Moody's Investors Service said it assigned Baa1 global local-currency bond and Aaa.mx national scale ratings to Petróleos Mexicanos SAB de CV's (Pemex) proposed issuances of up to 15 billion in Mexican pesos in senior unsecured certificados bursatiles.

The outlook is stable.

The proposed certificados bursatiles will be issued under Pemex's five-year tenor and amount of up to 140 billion in Mexican pesos certificados bursatiles program registered in March 2009, Moody's said.

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

The company also is a leading crude oil exporter with more than 80% of its total crude production exported to the United States, Moody's said.

Although its debt is not guaranteed by the Mexican government, the ratings also consider implicit government support given the company's strategic importance to the government and nation, the agency added.

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