Fitch rates Pemex Project bonds BBB-

Fitch Ratings said it assigned a foreign currency rating of BBB- to the perpetual bonds with no fixed final maturity date issued by Pemex Project Funding Master Trust, and unconditionally guaranteed by Mexico's state-owned Petroleos Mexicanos (Pemex).

The perpetual bonds are callable after five years at each coupon date. Proceeds will be used to fund the Proyectos de Infraestructura Productiva de Largo Plazo, Pidiregas (long-term productive infrastructure projects). The outlook is stable.

Fitch said that through Pidiregas, Pemex has continued to expand its exploration and production assets, as well as to upgrade its key refineries to process heavy crude inputs and meet clean air mandates. These projects, approved by the Mexican government, are off-budget items not subject to across-the-board budget restrictions.

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