Fitch assigns BBB+ to Pemex notes

Fitch Ratings said it assigned a rating of BBB+ to Petroleos Mexicanos (Pemex) €1 billion notes issuance due 2022 and €1.25 billion notes issuance due 2027.

The debt issuances are guaranteed by Pemex-Exploracion y Produccion, Pemex-Refinacion and Pemex-Gas y Petroquimica Basica.

The company expects to use the proceeds to finance its capital investment program and, working capital requirements, or to refinance its debt.

Fitch said the ratings reflect Pemex’s close linkage to the government of Mexico and the company's fiscal importance to the sovereign.

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