Fitch upgrades Pemex

Fitch Ratings said it upgraded Petroleos Mexicanos' foreign and local currency issuer default ratings to BBB+ from BBB and A- from BBB+, respectively.

The action affects about $27 billion of notes outstanding.

Simultaneously, Fitch affirmed Pemex's national scale issuer default rating at AAA(mex) and its national scale debt issuances at AAA(mex).

The outlook is stable.

The upgrade follows Fitch's upgrade of Mexico's sovereign foreign and local currency ratings to BBB+ and A-, respectively.

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

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