S&P: Pemex, subsidiaries to positive

Standard & Poor's said it revised its outlook on Petroleos Mexicanos SAB de CV (Pemex) to positive from stable.

S&P also revised the outlook on Pemex's subsidiaries, PMI Trading Ltd., PMI Norteamerica SA de CV and MGI Supply Ltd., to positive from stable.

At the same time, the agency affirmed its mxAAA/mxA-1+ national scale ratings on Pemex and BBB foreign currency and A- local currency ratings on Pemex and its subsidiaries.

The outlook on Kot Insurance Co. AG was revised to positive from stable.

In accordance with S&P's criteria on government-related entities and assuming no changes in the current likelihood of extraordinary support from the government, the outlook revision on Pemex and its subsidiaries reflects the fact that a potential upgrade of Mexico would lead to a similar rating action on the company and its subsidiaries.

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