Fitch rates Pemex notes BBB

Fitch Ratings said it assigned a BBB rating to Petroleos Mexicanos' $2.1 billion 4.875% senior notes issuance due 2022.

The notes are guaranteed by Pemex-Exploracion y Produccion, Pemex Refinancion and Pemex Gas y Petroquiminca Basica, the agency said.

Proceeds are expected to be used for capital expenditures and refinancing needs, Fitch noted.

Pemex's ratings reflect its linkage to the government of Mexico and the company's fiscal importance to the sovereign, the agency noted, stating that the ratings also reflect the company's solid pretax income, export-oriented profile and its dominant domestic market position.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.