S&P ups Conproca bonds to BBB+

Standard & Poor's said it raised the foreign-currency rating on Conproca SA de CV's $370.3 million bonds due 2010 to BBB+ from BBB after the upgrade of Petroleos Mexicanos (BBB+/stable).

The rating reflects Pemex's creditworthiness and the payment obligation of its refinery unit, Pemex Refining, S&P credit analyst Luis Manuel Martinez said in a written statement.

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