Fitch applies BBB+ to Pemex debt

Fitch Ratings said it assigned a BBB+(exp) long-term rating to Pemex (Petroleos Mexicanos)’s senior unsecured debt issuances of $2.5 billion and $1.5 billion due 2028 and 2048, respectively.

The company expects to use the proceeds to refinance upcoming maturities and to fund capital investments.

Fitch said the ratings reflect Pemex's close linkage to the government of Mexico, fiscal importance to the sovereign and role as a strategic supplier of energy to the country of Mexico.

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