Moody's might lift Pemex Finance

Moody's Investors Service said it placed the Baa1 (sf) global foreign currency rating of the notes issued by Pemex Finance Ltd. on review for possible upgrade.

The action was prompted by Moody's review of the Baa1 foreign currency and global local currency debt ratings of Petroleos Mexicanos for possible upgrade.

Pemex, the Mexican state-owned oil company, is the entity that originates the future receivables that back the transaction. Moody's said the rating of the notes is dependent on the ability of Pemex to continue generating the future receivables to pay the certificates. As a result, the rating of the Pemex Finance notes is capped by Pemex's rating as the originator of the future receivables.

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