Mexico finance minister says oil proceeds in budget covered

Mexican Finance Minister Arturo Herrera said on Thursday that "everything" in the federal budget from oil payments was covered, with oil hedges protecting 80% of the revenues and "reserves" covering the remainder.

Questioned in an interview with newspaper Reforma whether the credit rating of state oil company Petroleos Mexicanos presented a risk to public finances, Herrera said the risk existed, but was low due to the oil hedging program.