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S&P rates Pemex Project Funding BBB-
Standard & Poor's said it assigned its BBB- rating to Pemex Project Funding Master Trust's €850 million 6.375% bonds due 2016.
The proceeds will be used to finance the investment program of its parent company, Petroleos Mexicanos (local currency: A-/stable/--, foreign currency: BBB-/stable/--).
The foreign currency corporate credit rating on Pemex Project Funding Master Trust is BBB-. The outlook is stable.
"The ratings on Pemex, the state-owned Mexican oil and gas company, and on the United Mexican States are equalized because of the government's ownership of the company, Pemex's importance to the Mexican 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," said S&P credit analyst Jose Coballasi.
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