Moody’s lifts Pemex Finance notes

Moody's Investors Service said it upgraded the global foreign currency rating Pemex Finance Ltd.’s $250 million 1998-I notes-4 due in 2018 and $200 million 1999-II notes-12 due in 2017 to A3 (sf) from Baa1 (sf).

The action follows the June 19 upgrade of the A3 foreign currency and global local currency debt ratings on Petroleos Mexicanos (Pemex).

Pemex, the Mexican state-owned oil company, originates the future receivables backing the transaction. The rating on the notes thus depends on Pemex’s ability to continue generating receivables to pay down the notes. As a result, the rating on the Pemex Finance notes is capped by the rating on Pemex, as the originator of the future receivables, Moody’s said.

© 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.