# EDGAR Filing Document

**Accession Number:** 0000101368
**File Stem:** 0000000000-25-008289
**Filing Date:** 2025-8
**Character Count:** 10893
**Document Hash:** 89b7cd9c1995de1d3eef5a467e5f7f03
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-25-008289.hdr.sgml**: 20260113

**ACCESSION NUMBER**: 0000000000-25-008289

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250806

**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 6, 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 and July 22, 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
either
submitting an amended draft registration statement or publicly filing your
registration
statement 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
amended draft registration statement or filed registration statement, we may
have additional
comments.

Form 18-K for Fiscal Year Ended December 31, 2024, Exhibit 99.D
Principal Sectors of the Economy
PEMEX, page D-78

1.     We note your disclosure on page D-79 that,    In 2024, the Government
contributed
       approximately Ps. 156.5 billion to PEMEX ... The PEMEX 2025 budget
contemplates
       a financial balance of Ps. 248.7 billion, including a capital
contribution from the
 August 6, 2025
Page 2

      Mexican Government of Ps. 136.2 billion for debt amortization.    Please
disclose the
      total amount of capital contribution budgeted from the Mexican Government
to
      PEMEX in 2025.
2.    We note your disclosure that,    Effective as of March 19, 2025 ... PEMEX
was
      transformed from a productive state-owned company into a state-owned
public
      company. For more information, See    Recent Developments ... Electric
Power.
      Please provide more information on the differences between the two legal
structures
      and the reasons for the change in ownership structure. Please include,
for example,
      information on any changes in being subject to bankruptcy protection
under Mexican
      law.
3.    We note your disclosure on page D-79 that    the Government has further
supported the
      measure outlined in the Program ... through various tax and credit
deferrals.    The
      disclosure also indicates that, since 2019, there has been a reduction in
Profit-Sharing
      Duty with reduced percentages. In addition, it states that,    The new
tax regime ... is
      expected to generate savings of Ps. 50.0 billion ...    Either in this
section or the
      Revenues section on page D-134, and to the extent material, please
discuss and
      quantify the impact of the tax and credit deferrals upon Mexico   s
budgetary revenues
      within a reasonable time period.
Performance, page D-80

4.    We note your disclosure that,    Recent Information regarding the
financial condition of
      PEMEX can be found in the annual report furnished by PEMEX to the SEC on
Form
      20-F on April 29, 2025 ...    We also note the highlighted disclosures
under the
      subheading    Performance    on page D-80. Given the significance of
PEMEX   s
      operations and financial condition on Mexico   s budget, revenues and
expenses, please
      include a discussion and analysis of PEMEX   s financial condition and
results of
      operations in Mexico   s Form 18-K. This discussion should include an
analysis of the
      PEMEX   s ability to generate and obtain adequate amounts of cash to meet
its
      requirements and, to the extent appliable, please identify any known
trends that are
      reasonably likely to result in PEMEX's liquidity increasing or decreasing
in a material
      way.
Revenues and Expenditures
Budgetary Revenues, page D-134

5.    In the narrative to Table No. 63     Public Sector Budgetary Revenues,
please describe
      the amount of tax revenue received from PEMEX.
Government Agencies and Enterprises
Table 66 - Principal Government Parastatal Agencies, State-Owned Public
Companies and
Enterprises at December 32, 2024, page D-143

6.    We note the column for Total Assets. Please include a column for total
liabilities of
      the listed entities.
7.    We note the column Contribution or Expense to Primary Balance and the
footnote to
      that column,    Surplus after Government transfers, less interest
payments.    Please
      describe in the narrative to the table how the U.S. $8,155.8 million was
calculated.
 August 6, 2025
Page 3

      For example, please reconcile with the public sector budgetary
expenditures for
      PEMEX in Table No. 65 and the public sector budgetary revenues in Table
No. 63 or
      advise.
Public Debt, page D-144

8.    Please confirm that PEMEX   s external public debt is not included in the
tables in this
      section and, if not, please advise why it is omitted. We note that Table
No. 68     Gross
      and Net Internal Debt of the Public Sector includes gross debt of PEMEX.
We further
      note the disclosure in Table No. 65     Public Sector Budgetary
Expenditures includes a
      separate line item for interest for PEMEX as a budgetary expenditure.
Form 18-K/A filed on July 22, 2025
Exhibit 99-1, page E-1

9.    To the extent material, please disclose the amount of contributions paid
by the
      Mexican Government to PEMEX in the first quarter or longer period in 2025
and
      explain the reasons for the contribution. If this amount differs from the
amount
      budgeted by the Mexican Government to contribute to PEMEX in 2025, please
      explain.
10.   Please revise or advise to describe the Luxembourg special purpose
vehicle (SPV) in
      more detail. For example, please describe the type of organization and
whether the
      Mexican Government, or through the Ministry of Finance and Public Credit,
will hold
      all of the equity ownership of the SPV. Please describe if the Mexican
Government
      will also manage the SPV and, if not, please explain. In addition, if
applicable, please
      describe whether the SPV will have any other purpose other than to issue
pre-
      capitalized securities (P-Caps) and purchase eligible assets such as U.S.
Treasuries
      and related securities and Mexico   s notes 2030 upon the occurrence of
certain events.

11.   We note that the Mexican Government is executing the offering of P-Caps
that are
      redeemable by the SPV for cash in 2030. Please briefly disclose the how
the
      redemption price for the P-Caps will be determined in 2030. Please also
disclose the
      terms of the P-Caps such as any interim interest or return to investors
and whether the
      P-Caps are redeemable at the option of the investors. In addition, please
describe the
      offering of the securities such as when it occurred, the amount of
securities sold, the
      amount of proceeds raised, and the class of persons to whom the
securities were sold.
12.   We note that concurrently with the issuance of the P-Caps, Mexico will
enter into a
      facility agreement with SPV pursuant to which the Eligible Assets will be
delivered to
      PEMEX under a lending agreement. We also note that under the Facility
Agreement,
      Mexico must transfer all principal and interest payments on the Eligible
Assets to
      SPV or return the Eligible Assets to SPV. Please explain how this term is
consistent
      with title to the Eligible Assets passing from the SPV to PEMEX which
will then
      transfer the Eligible Assets and title to certain banks pursuant to
repurchase
      agreements.
13.   If the credit facility agreement has been entered with the term that
obligates Mexico to
      sell to SPV an aggregate of its notes due 2030 at face value of the
outstanding P-Caps,
      please advise whether these notes would be registered or sold pursuant to
an
 August 6, 2025
Page 4

      exemption. We may have further comment.
14.   Please disclose all of the consideration under the GMSLA that the SPV
will receive in
      lending the Eligible Assets to PEMEX excluding Mexico   s obligation
under the
      facility agreement to deliver its 2030 Notes to SPV upon the occurrence
of certain
      events.
15.   Please disclose the amount and terms of the repurchase agreement. For
example,
      please disclose the amount of the payment to PEMEX by the Banks for the
Eligible
      Assets and the amount of the repurchase for PEMEX including the timeframe
in
      which the repurchase will occur.
General

16.   We note the disclosure in PEMEX' Form 20-F for the fiscal year ended
December 31,
      2024, on page 13 that,    To service our debt, we have relied and may
continue to rely
      on a combination of ... capital contributions from the Mexican Government
... These
      contributions represented an important source for the payment of our debt
during
      2024.    Please discuss Mexico   s public debt, internal and external,
that is used to
      support the financial operations of PEMEX. If possible, please disclose
recent
      historical amounts as reasonable, along with future amounts to be raised,
if known.
       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

```

### Attached PDF Documents

**Attachment 1:** `filename1`

_No text found in this document._