Moody's rates Pemex program

Moody's Investors Service said it assigned an MX-1 national scale short-term rating to Petroleos Mexicanos' P$10 billion program of short-term certificados bursatiles.

The outlook is stable.

Moody's said Petroleos Mexicano's MX-1 rating relies heavily on the implicit support of the Mexican government. The rating also recognizes the company's sizable hydrocarbon reserves, its monopoly powers within the Mexican petroleum industry the fully integrated nature of its operations and its position as a leading exporter of crude oil to the United States.

Moody's said it believes there could be a continued deterioration in Petroleo Mexicano's credit quality on a stand-alone basis, without consideration of its status as a government-owned entity.

© 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.