S&P rates Pemex notes BBB+

S&P said it assigned its BBB+ issue-level ratings to Petroleos Mexicanos' (Pemex) $2.5 billion 5.35% senior unsecured notes due 2028 and $1.5 billion 6.35% senior unsecured notes due 2048.

The company will use $2 billion of the proceeds to repurchase notes maturing in 2019 and 2020, and the remainder to finance its investment program and for working capital.

At the same time, the company is performing an exchange offer of the 5½% notes due 2044 and 5 5/8% notes due 2046.

The notes benefit from the guarantees of Pemex Exploración y Producción, Pemex Transformación Industrial, Pemex Perforación y Servicios, Pemex Logística and Pemex Cogeneración y Servicios, which also currently guarantee all of Pemex's outstanding notes.

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