Fitch applies BBB+ to Pemex debt

Fitch Ratings said it assigned a BBB+ long-term rating to Pemex (Petroleos Mexicanos)'s senior unsecured debt issuance of CHF 365 million due 2023.

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

Fitch said the ratings reflect the government of Mexico's high incentives to support the company as a result of the very strong socio-political and financial consequences a financial distress would have for the country.

A financial distress situation at Pemex holds the potential to disrupt the supply of liquid fuels in the entire country, which could have material social and economic consequences for Mexico.

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