Article: S&P rates Pemex's USD 1.5bn notes at BBB+.

(ADPnews) - Sep 18, 2009 - S&P on Thursday assigned its BBB+ long-term foreign currency senior unsecured debt rating to the USD 1.5 billion (EUR 1bn) 4.875% notes due 2015 issued by Mexican oil and gas exploration and processing company Petroleos Mexicanos, or Pemex.

The notes benefit from the irrevocable and unconditional guarantee of PEMEX's subsidiary entities Pemex Exploracion y Produccion, Pemex-Refinacion, and Pemex-Gas y Petroquimica Basica.

Pemex carries long- and short-term ratings of BBB+/A-2 for foreign-currency obligations and A+/A-1 for debts denominated in Mexican pesos. The rating outlooks are "negative".

The ratings on Pemex ...

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