Fitch affirms Pemex notes

Fitch Ratings said it has affirmed the following ratings for Pemex Finance Ltd. with a stable outlook: 9.15% series 1998 notes due 2018 at A; 10.61% series 1999 notes due 2017 at A; Libor plus 3.5% series 1999 notes due 2014 at A; and Libor plus 3.25% series 1999 notes due 2014 at A.

The rating affirmation reflects Pemex's ability to produce and export crude oil; the strong legal structure that guarantees oil export payments will be made offshore, mitigating diversion risk; the low likelihood that the sovereign would impose material or permanent restrictions on crude oil exports; and the high quarterly debt-service coverage ratios that should offer protection to investors from declines in both price and production volumes, the agency noted.

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