Fitch rates Pemex Swiss franc debt BBB

Fitch Ratings said it assigned a BBB rating to Petroleos Mexicanos' proposed CHF 300 million notes issuance. The notes will mature in 2019.

Pemex's ratings reflect its link to the government of Mexico and the company's fiscal importance to the sovereign, the agency said. The ratings also reflect the company's solid pretax income, export-oriented profile, sizable proven hydrocarbon reserves and its dominant domestic market position.

Fitch said the ratings are tempered by Pemex's significant adjusted debt levels, negative net worth position, substantial tax burden, large capital investment requirements, and exposure to political interference risk.

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