Fitch: Pemex notes BBB+

Fitch Ratings said it assigned a BBB+ rating to Petroleos Mexicanos' (Pemex) $1 billion 4.875% notes due 2024; $500 million floating-rate notes due 2018; $1 billion, 3.5% notes due 2018; and $500 million of 6.5% notes due 2041.

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.

Fitch said Pemex's ratings reflect its close linkage to the government of Mexico (foreign and local currency ratings BBB+ and A-, respectively) and the company's fiscal importance to the sovereign.

Pemex's ratings also reflect the company's solid pretax income, export-oriented profile, stabilized production, sizable hydrocarbon reserves and its strong domestic market position, the agency said.

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