S&P lowers CFE, Pemex local ratings

S&P said it lowered the local currency ratings on Comision Federal De Electricidad (CFE), Petroleos Mexicanos (Pemex), and Pemex's subsidiaries PMI Trading, PMI NASA and Mex Gas Supply SL to A- from A.

The agency also lowered Pemex's issue-level ratings to A- from A and affirmed the BBB+ foreign currency ratings on CFE and Pemex.

The outlook remains stable.

S&P said it lowered its local currency long-term and short-term sovereign credit ratings on Mexico, and as a result, lowered ratings on state-owned companies.

The agency said the action does not reflect any deterioration of a view of Mexico's sovereign creditworthiness. Instead, it reflects recent revisions to the agency’s methodology for sovereign ratings.

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