Petroleos Mexicanos' Proposed Senior Unsecured Notes Rated 'BBB+'
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MEXICO CITY (S&P Global Ratings) Sept. 11, 2019--S&P Global Ratings assigned
its 'BBB+' issue-level rating to Petroleos Mexicanos' (PEMEX; foreign
currency: BBB+/Negative/--; local currency: A-/Negative/--) senior unsecured
notes to be issued in three tranches under the company's medium-term notes
program, Series C, with maturities in 7, 10, and 30.
The transaction is part of PEMEX's liability management plan, and it won't
increase the company's net debt. PEMEX will use proceeds from the notes to
refinance short-term debt maturities. The notes benefit from guarantees from
Pemex Exploración y Producción, Pemex Transformación Industrial, and Pemex
Logística, all of which also currently guarantee all of PEMEX's outstanding
notes.