Moody's rates Pemex debt Baa1

Moody's de Mexico said it assigned a Baa1 global local-currency bond rating and an Aaa.mx national scale ratings to Petroleos Mexicanos' proposed issuances of up to a maximum joint amount of Ps. 12.5 billion of senior certificados bursatiles (local notes). The outlook is stable.

The agency said Pemex's Baa1 ratings factor in strong implied support and uplift from the government of Mexico and the company's sizable proved hydrocarbon reserves, monopoly status, integrated operations and position as a leading crude oil exporter to the United States.

The ratings also factor in the company's heavy tax burden, high financial leverage and need to maintain and grow its core oil production, Moody's said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.