Moody’s rates Pemex notes Baa3

Moody's Investors Service said it assigned a Baa3 senior unsecured rating to Pemex (Petroleos Mexicanos)' issuance of 3¾% notes in the amount of £450 million, due 2025.

The company will use the proceeds for general corporate purposes, including investments in strategic projects and debt refinance.

The outlook is negative.

The notes were issued by Pemex and will be jointly and severally guaranteed by the company's subsidiaries, namely Pemex Exploracion y Produccion, Pemex Transformacion Industrial, Pemex Perforacion y Servicios, Pemex Logistica and Pemex Cogeneracion y Servicios.

Moody’s said the Baa3 ratings are based on the company's b3 baseline credit assessment (BCA), which indicates the agency’s view of its standalone credit strength, and considers the company's large proved hydrocarbon reserves, which as of Dec. 31, 2016, as calculated by Moody's, amounted to 8.3 billion boe, equivalent to 8 years of life; daily production averaging 2,706 Mboe/d for the last 12 months ended Sept. 30, 2017; a dominant role and integrated operations in the energy industry in Mexico; and its position as a major crude oil exporter to the U.S.

© 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.