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%.

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