Fitch affirms Pemex

Fitch Ratings said it affirmed the foreign currency debt rating of Petroleos Mexicanos (Pemex) at BBB-, the local currency rating at BBB and the national scale rating at AAA(mex).

The outlook is stable.

Fitch said the ratings affirmation reflects the company's solid pretax financial and export-oriented operating profile, an attractive upstream cost structure, its fiscal importance to Mexico and its dominant domestic market position.

The rating also reflects Pemex's significant debt levels, sizable but declining proven hydrocarbon reserves, substantial tax burden, low net worth position, large capital investment requirements and exposure to political interference risk. Its foreign currency rating remains linked with the credit profile of the United Mexican States.

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