Moody's gives Pemex notes Baa1/Aaa.mx

Moody's de Mexico said it assigned Baa1 global local currency bond and Aaa.mx national scale ratings to Petroleos Mexicanos' (Pemex) proposed issuances of up to a maximum joint amount of Ps. 20 billion in senior unsecured certificados bursatiles.

The outlook is stable.

The proposed certificados bursatiles will be issued under Pemex's five-year tenor and amount of up to Ps. 300 billion certificados bursatiles program registered in March 2009 with Mexico's Comision Nacional Bancaria y de Valores, which was upsized several times from an original amount of up to Ps. 70 billion to the current approved amount. The last upsize done to the program was in March.

Moody's said ratings factor in strong implied support and uplift from the Government of Mexico (Baa1). Pemex's ratings reflect the company's sizable 13.9 billion BOE of proved hydrocarbon reserves, and oil and gas production averaging about 3.7 million BOE/day in 2013, its monopoly status, integrated operations and position as a leading crude oil exporter to the United States.

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