Oil giant Petroleos Mexicanos (Pemex) is considering expanding its export securitization program to $7 billion from $5 billion, a decision that could affect both the ratings and the value of the $4 billion worth of bonds that have already been sold through the structure.

The timing of this choice coincides with Pemex's preparations to issue the remaining $1 billion in bonds authorized under the original facility within the next four weeks, via lead manager Morgan Stanley Dean Witter.

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