Business Services Industry
Moody's grades Pemex debt at "Baa1".
Internet Securities, December, 2003
MEXICO CITY, Dec 18, 2003 (El Economista/Corporate Mexico by Internet Securities, Inc. via COMTEX) -- The international ratings firm Moody's assigned the grade of "Baa1" to Pemex debt in local currency. This same grade, which translates as "stable perspective", was assigned to the to long-term debt in foreign currency.
Moody's specified that Pemex's credit rating will depend on the implicit support of the federal government, which is also rated at "Baa1". Although the federal government does not guarantee Pemex' financial obligations, Moody's trusts that the government will support the State-owned company's debts because its assets are so important to government revenues.
Moody's noted that the restricted cash flow available to the firm is worrying as is...
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