S&P rates Pemex bonds BBB

S&P said it assigned its BBB issue-level rating to Petroleos Mexicanos’ (Pemex) proposed benchmark dollar bonds due 2025.

The offering is part of the company’s liability management plan and won’t increase the company’s net debt, the agency said.

Proceeds are expected to be used for general corporate purposes, including the repayment of debt.

“The notes benefit from guarantees from Pemex Exploracion y Produccion, Pemex Transformacion Industrial, and Pemex Logistica, all of which also currently guarantee all of Pemex's outstanding notes,” S&P said in a press release.

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