S&P ups Pemex to BBB

Standard & Poor's said it raised the foreign currency long-term corporate credit rating on Petroleos Mexicanos and on the Pemex Project Funding Master Trust to BBB from BBB-. The outlook is stable.

The senior unsecured foreign currency ratings assigned to the issues by Pemex, Pemex Project Funding Master Trust and RepConLux SA were also raised to BBB from BBB-.

In addition, S&P affirmed Pemex's A- local currency credit rating, its mxAAA national scale corporate credit rating and the mxAAA national scale senior unsecured rating assigned to the issues by Fideicomiso No. F/163.

S&P said the rating actions follow the upgrade of the foreign currency sovereign ratings on the United Mexican States to BBB from BBB- and of the local currency rating to A from A-.

The rating actions on Pemex are consistent with S&P's continued opinion that the company's importance to the United Mexican States constitutes a strong economic incentive for the sovereign to support the issuer during a period of financial distress.

© 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.