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Moody's rates Pemex notes A3
Moody's Investors Service said it assigned an A3 global local-currency rating to Petroleos Mexicanos SAB de CV's €1.25 billion 2¾% senior notes due 2027 and €1 billion 1 7/8% senior notes due 2022. The outlook is stable.
Proceeds will be used to finance capital investments or to repay debt.
Pemex's 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.
The lack of a clear financial policy with regards to maximum debt leverage constrains Pemex's ratings, the agency said.
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