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S&P: Pemex bonds now BBB
Standard & Poor's said it corrected its ratings on certain bonds and notes issued by Petroleos Mexicanos (Pemex), to BBB from BBB+.
On Dec. 14, 2009, the agency said it lowered its foreign currency rating on Pemex to BBB from BBB+ following a similar action on the United Mexican States (foreign currency: BBB/stable/A-3; local currency: A/stable/A-1).
The agency noted that it did not change certain issue ratings at that time, and it is now correcting them by lowering them.
Affected bonds include the company's $400 million of 9.5% bonds due 2027, $350 million of 9.25% bonds series B due 2018 and $500 million of 9.5% notes due 2027.
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