TEXT-S&P rates Petroleos Mexicanos notes ‘BBB’

April 20 – Standard & Poor’s Ratings Services assigned its ‘BBB’ rating to
Mexican state-owned oil company Petroleos Mexicanos’ (PEMEX) A$150 million
6.125% notes due 2017. These notes benefit from the irrevocable and
unconditional guarantee of payment by PEMEX subsidiaries Pemex Exploracion y
Produccion, Pemex-Refinacion, and Pemex-Gas y Petroquimica Basica (all not
rated).

Standard & Poor’s ratings on PEMEX reflect our opinion that there is an
“almost certain” likelihood of the company re