Moody's assigns Pemex notes Baa1

Moody's Investors Service said it assigned a Baa1 foreign currency rating to Petroleos Mexicanos' (Pemex) €1 billion in global notes due 2026.

Pemex's ratings are currently on review for upgrade.

The review was prompted by Moody's Feb. 5 upgrade of the government of Mexico's bond rating from Baa1 to A3.

Pemex's Baa1 ratings reflect the company's sizable 13.9 billion BOE of proved hydrocarbon reserves and oil and gas production averaging about 3.7 million BOE/day (Jan. 1, 2013), its dominant role and integrated operations in the energy industry in Mexico, and its position as a leading crude oil exporter to the U.S.

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