S&P affirms Petrotemex

Standard & said it affirmed its BB global scale and A national scale corporate credit ratings on Grupo Petrotemex SA de CV.

The outlook is stable.

S&P said it also affirmed its BB foreign currency rating on the company's senior unsecured notes, following the proposed additional amount of $75 million to its $200 million fixed-rate notes due 2014. The recovery rating is 3.

Proceeds will be used to refinance debt.

The stable outlook reflects S&P's expectation that Petrotemex will continue to post relatively stable credit measures while generating positive free operating cash flow.

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