S&P rates Pemex Trust notes BBB+

Standard & Poor's said it assigned its BBB+ foreign currency long-term senior unsecured debt rating to Pemex Project Funding Master Trust's $1,500,000,000 5.75% notes due 2018.

The agency said that all debt issued by the Pemex Project Funding Master Trust benefits from the irrevocable and unconditional guarantee of Petroleos Mexicanos and its subsidiary entities, including Pemex Exploración y Producción, Pemex-Refinación and Pemex-Gas y Petroquímica Básica.

S&P added that the ratings on Pemex and those on the United Mexican States are linked because of the government's ownership of the company, Pemex's importance to Mexico's economy, the government's heavy dependence on oil-related revenue, and the considerable government oversight of the company, particularly with respect to all fiscal aspects of management.

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