Moody’s rates Pemex notes Baa3

Moody’s Investors Service said it assigned a Baa3 senior unsecured rating to Petroleos Mexicanos' (Pemex) $2 billion 6½% notes due 2029.

The company will use the proceeds of the notes for general corporate purposes, including investments and debt refinancing.

The outlook is stable.

The notes will be jointly and severally guaranteed by the company's subsidiaries, namely Pemex Exploración y Producción, Pemex Transformación Industrial, Pemex Perforación y Servicios and Pemex Logística.

Moody’s said that Pemex's Baa3 ratings are based on its b3 baseline credit assessment and takes into consideration the company's large proved hydrocarbon reserves, daily production averaging 2,592 thousand barrels of oil equivalent per day in the 12 months ended June 30, dominant role and integrated operations in the energy industry in Mexico and position as a major crude oil exporter to the United States.

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