S&P rates Pemex notes BBB

S&P said it gave a BBB rating to Petroleos Mexicanos’ planned offering of close to $2 billion of 8¾% senior unsecured notes due 2029, issued under a $125 billion medium-term notes program, series C. The notes will will benefit from guarantees from Pemex Exploracion y Produccion, Pemex Transformacion Industrial, and Pemex Logistica, all of which also guarantee Pemex's outstanding notes.

Pemex plans to use the proceeds to reduce debt with large suppliers.

The outlook is negative.

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