Petroleos Mexicanos# Senior Unsecured Notes Rated #BBB+#

Stocks and Financial Services Press Releases Tuesday March 15, 2016 08:55
MEXICO CITY--15 Mar--Standard & Poor's

MEXICO CITY (Standard & Poor's) March 14, 2016--Standard & Poor's Ratings Services assigned its 'BBB+' ratings on Petroleos Mexicanos' (PEMEX; foreign currency: BBB+/Stable/--; local currency: A/Stable/--) €1.35 billion 3.75% senior unsecured notes due 2019 and on its €900 million 5.125% senior unsecured notes due 2023.

We expect the company to use the proceeds from these issuances to finance its investment program and debt refinancing. The notes benefit from the guarantees of Pemex Exploración y Producción, Pemex Cogeneración y Servicios, Pemex Perforación y Servicios, Pemex Logística, and Pemex Transformación Industrial, which also currently guarantee all of PEMEX's outstanding notes.

Our foreign currency ratings on the company are the same as the sovereign foreign currency rating, based on our assessment of the Mexican government's almost certain likelihood of extraordinary support to the company. We also assess PEMEX's stand-alone credit profile as 'bb', reflecting the company's solid position in the global oil market, average crude production of 2,267 million barrels per day (bpd) as of December 2015, as well as its proven reserves of 9.6 years. The ratings also reflect the company's weak after-tax financial performance, as seen in its debt to EBITDA of 3.5x-4.0x and FFO to debt of 5.0%-5.5%.

Latest Press Release

RENBDO First ICO Approved for EU Irredeemable Funds is pleased to announce that the first ICO campaign conducted by its green energy project RENBDO has been approved for EU funds. RENBDO is an eco-friendly endeavor from Eco Smart Energies Ltd. that looks to set up a wind farm with fifty-two...

Fitch Ratings (Thailand) has affirmed Thailand-based SCB Asset Management Co., Ltd#s (SCBAM) National Investment Management Quality Rating (IMQR) at #Excellent(tha)#. The Outlook is Stable.

National IMQRs are assigned on a descriptive scale based on Fitch's assessment of the asset manager's investment capabilities and the strength of its operational platform. Asset managers are rated 'Excellent', 'Strong', 'Proficient', 'Adequate' and...

KBank ATM Drive Thru debuts at PTT station Make withdrawal, transfer and payment without leaving your car

KASIKORNBANK (KBank) has launched its first KBank ATM Drive Thru at a PTT station on inbound Borommaratchachonnani Road. The service, designed to accommodate the fast-paced urban lifestyles of the new era, allows customers to make withdrawal, funds...

Fitch Revises Outlook on Thailand#s PTT and PTTEP to Affirms at #BBB+#

Fitch Ratings has revised the Outlook on PTT Public Company Limited (PTT) and PTT Exploration and Production Public Company Limited (PTTEP) to Positive from Stable. The agency has affirmed the two companies' Issuer Default Ratings and PTTEP's senior...

TMB continued to expand its customer base and ensure the quality of business growth. The Banks 2Q19 operating performance, both revenue generation and efficiency

TMB Bank Public Company Limited today announced its financial results for the second quarter of 2019 (2Q19). Mr. Piti Tantakasem, CEO, commented on the results that "the Bank's operating performance showed an improvement quarter-on-quarter (QoQ). The...

Related Topics