Moody’s rates Pemex notes A3/Aaa.mx

Moody's de Mexico said it assigned A3 global local currency bond and Aaa.mx national scale ratings to Petroleos Mexicanos' (Pemex) proposed issuances of up to a maximum joint amount of Ps. 15 billion in senior unsecured certificados bursatiles.

The outlook is stable.

The proposed certificados bursatiles will be issued under Pemex's five-year tenor and amount of up to Ps. 200 billion certificados bursatiles program registered in June 2014 with Mexico's Comision Nacional Bancaria y de Valores.

Moody’s said the ratings are based on its 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.

In the short- to medium-term, Moody's does not expect any material reduction in Pemex's tax burden and its debt amount is likely to rise to fund higher capex. However, its managerial and budgetary autonomy will increase, improving its efficiency, the agency said.

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