Fitch assigns BBB+ to Pemex debt

Fitch Ratings said it assigned a BBB+ long-term rating to Pemex (Petroleos Mexicanos)'s CHF 375 million senior unsecured debt issuance composed of CHF 225 million due in 2018 and CHF 150 million due in 2021.

The company expects to use the proceeds to finance its investment program and working capital needs, and to refinance indebtedness.

The debt issuance is guaranteed by: Pemex Exploracion y Produccion, Pemex Transformacion Industrial, Pemex Perforacion y Servicios, Pemex Logistica, and Pemex Cogeneracion y Servicios.

Fitch said the ratings reflect Pemex’s close linkage to the government of Mexico and the company's fiscal importance to the sovereign. The ratings also reflect the company's competitive pretax cost structure, national and export-oriented profile, sizable hydrocarbon reserves and its strong domestic market position, according to the agency.

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