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

Isotropic Systems Raises $14 Million in Series A Funding Led by Boeing HorizonX Ventures to Advance Space-Based Connectivity

- Isotropic's approach to next-generation integrated terminal creates profound change in terminal economics and performance to unlock the satellite industry's full potential Isotropic Systems Ltd., the next-generation integrated satellite terminal...

Global economic growth expected to slow in 2019

The global economy as a whole is expected to slow in 2019 as G7 countries return to long-run average growth rates, according to new projections from PwC in its latest Global Economy Watch. PwC expects that the pick up in growth of most major economies...

QNB Group: Financial Results for the Year Ended 31 December 2018

QNB, the largest financial institution in the Middle East and Africa (MEA) region, announced its results for the year ended 31 December 2018. (Photo: ) Net Profit for the year ended 31...

CIMB THAI announces 2018 financial results with increased in operating income due to loan growth and lower gross NPL ratio. To fully move forward with Fast Forward program.

- Net interest income increased THB 544.3 million YoY mainly from loan expansion and higher interest income on investments. - Profit before tax of THB 271.2 million. - NPL ratio of 4.3% compared to 4.8% YoY due to more efficient risk management policies...

KTC decreases interest and usage fee to Bt. 199 for applying KTC PROUD Revolving Loan.

Ms. Phichamon Jitpentham, Vice President - Personal Loans, "KTC" or Krungthai Card Public Company Limited, helps lighten the loads of consumers' money usage by providing the special privilege to pay a lump sum of Bt. 199 for interest and usage fee for...

Related Topics