OREANDA-NEWS. S&P Global Ratings said today that it revised its outlook on government-related entities (GREs), Comision Federal de Electricidad (CFE) and Petroleos Mexicanos (PEMEX) and its subsidiaries (PMI Trading, PMI NASA, and Mex Gas Supply, S. L.) to negative from stable. At the same time, we affirmed our 'BBB+' foreign currency ratings and 'A' local currency ratings on both companies. We also affirmed our 'mxAAA' national scale ratings on both companies. The outlook on this rating remains stable. Our stand-alone credit profiles on both companies remain unchanged. The outlook revision on these companies follows a similar rating action on Mexico (please see "Mexico Outlook Revised To Negative; 'BBB+/A-2' Foreign Currency Ratings Affirmed," published Aug. 23, 2016). In accordance with our criteria for GREs and considering that there are no changes in our assessment of almost certain likelihood of extraordinary support from the government, the outlook revision on CFE and PEMEX reflects the fact that a potential downgrade of Mexico would lead to a similar rating action on these companies because the ratings on the latter move in tandem with our ratings on the sovereign. Additionally, we affirmed our 'BBB+' global scale and 'mxAAA' national scale ratings on Grupo Televisa S. A.B., and the outlook on both scale ratings remains stable. The affirmation reflects the company's financial strength stemming from its strong liquidity position, and its resilient operating cash flow generation. We tested the company under a Mexican sovereign default scenario including a sharp currency devaluation and a sharp decline in the company's revenue and EBITDA in 2017. Under this scenario, we concluded that Televisa would still be able to generate sufficient cash flow to service its debt obligations, which would allow for up to one notch above Mexico's FC rating if we were to lower it. Finally, the rating action on the sovereign has no immediate impact on the rating and outlook on the following companies, which are rated one notch above Mexico's FC rating. These companies have a moderate sensitivity to country risk. Based on the stress testing that we have conducted, we have concluded that under a sovereign default scenario, these companies would remain current on their debt obligations and maintain at least an adequate liquidity. America Movil, S. A.B. de C. V.; Coca-Cola Femsa, S. A.B. de C. V.;Fomento Economico Mexicano, S. A.B. de C. V.; and Kimberly-Clark de Mexico S. A.B. de C. V.