# EDGAR Filing Document

**Accession Number:** 0000101368
**File Stem:** 0000000000-25-009146
**Filing Date:** 2025-8
**Character Count:** 4694
**Document Hash:** 9767f4f02b16f24b6f05f25697fc1e2c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-25-009146.hdr.sgml**: 20260113

**ACCESSION NUMBER**: 0000000000-25-009146

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250826

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** UNITED MEXICAN STATES
- **CENTRAL INDEX KEY:** 0000101368
- **STANDARD INDUSTRIAL CLASSIFICATION:** FOREIGN GOVERNMENTS [8888]
- **ORGANIZATION NAME:** International Corp Fin
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** UPLOAD
- **SEC FILE NUMBER:** 377-08201

**BUSINESS ADDRESS:**
- **STREET 1:** 375 PARK AVENUE
- **STREET 2:** SUITE 1905
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10152
- **BUSINESS PHONE:** 302-738-6680

**MAIL ADDRESS:**
- **STREET 1:** 21 EAST 63RD STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10152
**PUBLIC REFERENCE ACCESSION NUMBER**: 0000950123-25-006350

## Text-Extract

```

                                                             August 26, 2025

Mar  a del Carmen Bonilla Rodr  guez
Deputy Undersecretary for Public Credit
United Mexican States
Insurgentes Sur 1971
Torre III, Piso 7
Colonia Guadalupe Inn
M  xico, Ciudad de M  xico 01020

       Re: United Mexican States
           Draft Registration Statement under Schedule B
           Submitted July 11, 2025
           CIK No. 0000101368
           _
           Form 18-K for fiscal year ended December 31, 2024
           Filed June 20, 2025, amended July 2, 2025, July 22, 2025 and August
19, 2025
           File No. 333-03610
Dear Mar  a del Carmen Bonilla Rodr  guez:

       We have reviewed your draft registration statement and have the
following comments.

       Please respond to this letter by providing the requested information and
publicly filing
your registration statement and non-public draft submission on EDGAR. If you do
not
believe a comment applies to your facts and circumstances or do not believe an
amendment is
appropriate, please tell us why in your response.

        After reviewing the information you provide in response to this letter
and your filed
registration statement, we may have additional comments. Unless we note
otherwise, any
references to prior comments are to comments in our August 6, 2025 letter.

Draft Registration Statement under Schedule B submitted July 11, 2025
Form 18-K/A filed August 19, 2025
Exhibit 99.1
Certain Financing and Support Transactions, page 1

1.     Please disclose whether Mexico or PEMEX have any affiliation with EFL I
through
       share ownership or management of EFL I. In this regard, please clarify
how the
       Mexican Government executed the offering of pre-capitalized securities
issued by
 August 26, 2025
Page 2

      Eagle Funding.
2.    We note your response to comment 11 of our letter dated August 6, 2025
and we
      reissue in part our prior comment. Please disclose whether the P-Caps are
redeemable
      at the option of a holder of a P-Cap. In addition, please describe the
class of persons to
      whom the P-Caps were sold to the extent practicable.
3.    We note your response to comment 15 in our prior letter. To the extent
that PEMEX
      were to be in breach under the repurchase transaction, please disclose
any material
      effect on Mexico.

4.    We note your disclosure that,    The P-Caps issued by EFL I will not be
consolidated
      with the liabilities of PEMEX or Mexico.    Please advise us how these
commitments
      by PEMEX and Mexico under the repurchase transactions or the facility
agreement
      will be accounted for and disclosed in Mexico   s future Form 18-K
filings.
General

5.    We note your response to comment 16 in our letter dated August 6, 2025.
In Mexico   s
      Schedule B, to the extent known, please disclose if proceeds will be used
to fund
      PEMEX, including the repurchase of its outstanding debt securities.
6.    In Mexico   s Schedule B, please include any material risk factors
related to PEMEX   s
      financial condition and operations to the extent such material factors
present a risk to
      an investment in Mexico   s offering.
       Please contact Samuel Kluck at 202-551-3233 or Michael Coco at
202-551-3253 with
any other questions.

                                                            Sincerely,

                                                            Division of
Corporation Finance
                                                            Office of
International Corporate
                                                            Finance
cc:   Jorge U. Juantorena

```

### Attached PDF Documents

**Attachment 1:** `filename1`

_No text found in this document._