Moody's upgrades Hamaca

Moody's Investors Service upgraded to B1 from B3 the senior secured debt issued by Hamaca Holding LLC, a heavy oil project in Venezuela. The rating of Hamaca remains under review for possible further upgrade.

Moody's also placed the ratings of three other Venezuelan heavy oil projects under review for upgrade: Petrozuata Finance Inc., Cerro Negro Finance Ltd., and Sincrudos de Oriente Sincor CA, all of which have senior secured debt that is rated B1.

The rating actions come as a result of the recent upgrade of the foreign currency issuer rating of Petroleos de Venezuela to B2 from Caa1, which was precipitated by the upgrade of Venezuela's country ceiling for foreign currency bonds and notes to B2 from Caa1.

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