Moody's rates Pemex issues A3

Moody's de Mexico said it assigned A3 global local-currency bond and Aaa.mx national scale ratings to Petroleos Mexicanos SAB de CV's proposed issuances of up to a maximum joint amount of Ps. 30 billion of senior certificados bursatiles. The outlook is stable.

The ratings are based on Moody's view that despite the significant changes arising from the new energy law, Pemex will remain closely linked to the government of Mexico, which will continue to provide strong support given the company's importance to the government's budget, to the oil sector and to the country's exports.

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