Fitch assigns Pemex notes BBB

Fitch Ratings said it assigned a BBB rating to new notes issued by the Project Funding Master Trust and unconditionally guaranteed by Petroleos Mexicanos (Pemex).

The ratings apply to $1.5 billion 5.75% notes due 2018 and $500 million reopening of 6.625% bonds due 2035, the agency said, adding that proceeds will be used for general corporate purposes and to refinance existing debt securities.

The rating watch positive reflects the possibility that the recently passed legislation, along with prior tax reform passed in 2006, could slow the growth in Pemex's debt level as it copes with challenges relating to reversing production declines, the agency added.

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