NEW YORK, Feb. 7 /PRNewswire/ -- Standard & Poor's today raised its
rating on US$5 billion of Pemex Finance Ltd.'s senior unsecured notes to
single-'A'-minus from triple-'B'-plus (see list).
The rating action follows the upgrade today of Pemex's local currency
corporate credit rating to single-'A'-minus from triple-'B'-plus. The
corporate rating action follows the upgrade of the local currency rating of
the United Mexican States to single-'A'-minus from triple-'B'-plus.
At the same time, Standard & Poor's affirmed its ratings on 21 cross
border Mexican structured transactions (see list below). All the affirmed
ratings correspond to future flow transactions, and the ratings were affirmed
following the affirmation of the issuer's local currency ratings after the
sovereign's upgrade.
In general, future flow transactions represent the securitization of
specific offshore (outside the country of domicile) assets or cash flows, or
the securitization of future export receivables. As such, one of the critical
factors in a future flow transaction, whether issued by a corporate or
financial institution, is the ability of the underlying issuer to continue to
produce, generate, or export the assets or cash flows. Standard & Poor's
general criteria applicable to most future flow transactions views the local
currency rating of the underlying issuer as the best proxy for the likelihood
that the underlying issuer will continue operating and thus producing or
generating the assets that serve as collateral for the structured
transactions. Therefore, the affirmed ratings are highly dependent on the
ability of the underlying issuers to continue producing, generating, and
exporting the assets in the future as measured by their local currency rating.
RATINGS RAISED
Issue Ratings
To From
PEMEX Finance Ltd.
Series 1998-A
Class A-2 8.02% notes due 2007 A- BBB+
Class A-4 9.15% notes due 2018 A- BBB+
Series 1999-A
Class A-2 8.45% notes due 2007 A- BBB+
Class A-4 8.875% notes due 2010 A- BBB+
Class A-5 floating-rate notes due 2014 A- BBB+
Series 1999-B
Class A-1 9.69% notes due 2009 A- BBB+
Class A-3 10.61% notes due 2017 A- BBB+
Class A-4 9.22% notes due 2004 A- BBB+
Class A-5 9.14% notes due 2004 A- BBB+
Class A-6 floating-rate notes due 2004 A- BBB+
Class A-7 floating-rate notes due 2014 A- BBB+
Series 2000-A
Class A-1 9.03% notes due 2011 A- BBB+
RATINGS AFFIRMED
Rating
Apasco IFC Trust BBB+
Bancomer Receivables Master Trust
Series 1996 AAA
Series 1998 AAA
Series 1999 AAA
Credit Card Merchant Voucher Receivables
Series 1996-A AAA
Series 1997-A AAA
Series 1999-A AAA
Series 2001-A AAA
Gibsa IFC Trust A-
Grupo Mexico Export Master Trust
Series B1 BB-
Series C BB-
Series D BB-
Series E AAA
Grupo Minero Mexico
Series A BB-
Series B1 BB-
Imexsa Export Trust CC
Industrias Penoles BBB-
Leiser BBB
US$ Clearing Master Trust AA
US$ Diversified Payment Rights Master Trust
Series 2000-1 AAA
Series 2001-1 AAA
SOURCE Standard & Poor's
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Related links:
http://www.standardandpoors.com/ratings
CONTACT:
Nancy Gigante Chu, New York, +1-212-438-2429,
or Juan J. Flores, Mexico City, +52-55-5279-2020, both of
Standard & Poor's Ratings Services
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