S&P cuts Pemex stand-alone rating

S&P said it affirmed its global scale BBB+ foreign currency, A- local currency and national scale mxAAA/mxA+1 issuer credit and debt credit ratings on Petroleos Mexicanos (Pemex).

The agency also affirmed the BBB+ foreign currency and A- local currency issuer credit ratings on the company's subsidiaries, PMI Trading Ltd., PMI Norteamerica SA and Mex Gas Supply SL.

S&P also revised the stand-alone credit profile on the company to bb- from bb.

The agency said the affirmation reflects an expectation of an almost certain likelihood of extraordinary government support to the company in a financial distress scenario.

S&P said the stand-alone credit profile revision is largely due to the continued decline in oil production volumes that constrain the company's ability to improve its leverage metrics.

© 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.