Fitch rates Pemex notes BBB

Fitch Ratings said it assigned a BBB rating to Petroleos Mexicanos' (Pemex) $1 billion 5.5% proposed notes issuance due June 27, 2044.

The notes will be issued as a result of the reopening of the 2044 notes issued in June 2012. The notes are guaranteed by Pemex-Exploracion y Produccion, Pemex-Refinacion and Pemex-Gas y Petroquimica Basica.

Fitch said Pemex's ratings reflect its linkage to the government of Mexico and the company's fiscal importance to the sovereign. The ratings also reflect the company's solid pretax income, export-oriented profile, sizable hydrocarbon reserves and its strong domestic market position.

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