Moody's rates Pemex notes Baa1/Aaa.mx

Moody's de Mexico has assigned Baa1 global local currency bond and Aaa.mx national scale ratings to Petroleos Mexicanos' (Pemex) proposed issuances of up to a total joint amount of Ps. 25 billion (about $1.9 billion) in senior unsecured certificados bursatiles.

The outlook is stable.

The proposed certificados bursatiles will be issued under Pemex's five-year tenor and amount of up to Ps. 300 billion certificados bursatiles program registered in March 2009 with Mexico's Comision Nacional Bancaria y de Valores, which was upsized in October 2009 from an amount of up to Ps. 70 billion and in September 2011 from an amount of up to Ps. 140 billion and again from an amount of up to Ps. 200 billion in November 2012.

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