Moody's assigns B1 to Pemex notes

Moody's Investors Service said it assigned a B1 senior unsecured rating to Petroleos Mexicanos' (Pemex) up to $2 billion in new long-term notes. The new notes will be jointly and severally backed by the company's operating subsidiaries, Pemex Exploracion y Produccion, Pemex Transformacion Industrial and Pemex Logistica.

Moody’s lowered Pemex’s rating to B1 from Ba3 on July 11.

The company will use the proceeds for debt refinancing and for general corporate purposes. “The new notes do not materially increase Pemex's total debt or debt leverage,” Moody’s said in a statement.

The outlook is stable.

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