Fitch gives Pemex notes BBB

Fitch Ratings said it has assigned a BBB rating to Petroleos Mexicanos' $2 billion and $100 million of senior unsecured notes.

The 3.5% notes will be due on Jan. 30, 2023. The notes are guaranteed by Pemex-Exploracion y Produccion, Pemex-Refinacion and Pemex-Gas y Petroquimica Basica.

Proceeds from the notes are expected to be used for capital expenditures and refinancing needs, the agency said.

Fitch stated that Pemex's ratings reflect its linkage to the government of Mexico and the company's fiscal importance to the sovereign. The ratings also reflect the company's solid pretax income, export-oriented profile, sizable hydrocarbon reserves and its strong domestic market position.

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