Moody's gives Pemex notes Ba3

Moody's Investors Service said it gave a Ba3 senior unsecured rating to Petroleos Mexicanos' (Pemex) up to $1 billion in notes due 2032. The notes will be guaranteed by the company's operating subsidiaries, Pemex Exploracion y Produccion, Pemex Transformacion Industrial and Pemex Logistica.

Pemex’s senior unsecured foreign-currency rating has been Ba3 since July 27, when Moody’s downgraded it from Ba2.

The company will use the proceeds of the notes to repay debt.

The outlook is negative.

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