New York, March 31, 2016 -- Moody's Investors Service ("Moody's") downgraded Petroleos Mexicanos' (PEMEX) global foreign currency and local currency ratings as well as ratings based on PEMEX's guarantee to Baa3 from Baa1. Simultaneously, Moody's downgraded PEMEX's baseline credit assessment (BCA), which reflects its standalone credit strength, to b3 from ba3. The actions were prompted by Moody's view that the company's current weak credit metrics will worsen as it continues to fund capital expenditures from external sources. The outlook on all ratings is negative. This concludes the review for downgrade initiated on January 21, 2016.

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