S&P gives Pemex notes BBB+

S&P said it assigned its BBB+ issue-level rating to Petroleos Mexicanos' (Pemex) €600 million 2½% senior notes due 2022, €650 million variable-rate senior notes due 2023, €650 million 3 5/8% senior notes due 2025 and €1.25 billion 4¾% senior notes due 2029.

Proceeds from the notes will be used to repurchase its €1 billion notes due 2019, and the remainder will finance its investment program.

The notes benefit from guarantees from Pemex Exploración y Producción, Pemex Transformación Industrial, Pemex Perforación y Servicios, Pemex Logística and Pemex Cogeneración y Servicios, all of which also currently guarantee all of Pemex's outstanding notes.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.