Fitch rates Pemex debt BBB+

Fitch Ratings said it assigned a BBB+(exp) long-term rating to Petroleos Mexicanos' (Pemex) $5 billion senior unsecured debt issuance composed of: $750 million due in three years, $1.25 billion due in five years and $3 billion of 10-year notes.

The company expects to use the proceeds for general corporate purposes and to finance its capital investments. The debt issuances are guaranteed by Pemex Exploracion y Produccion; Pemex Cogeneracion y Servicios; Pemex Perforacion y Servicios; Pemex Logistica; Pemex Transformacion Industrial and their respective successors.

Fitch said the ratings reflect Pemex’s close linkage to the government of Mexico and the company's fiscal importance to the sovereign. The ratings also reflect the company's competitive pretax cost structure, national and export-oriented profile, sizable hydrocarbon reserves and its strong domestic market position.

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