S&P lifts Petroleos de Venezuela

Standard & Poor's said it raised its long-term foreign currency corporate credit rating on Petroleos de Venezuela SA to BB- from B+.

The rating was removed from CreditWatch, where it was placed originally on Feb. 8, 2006, with developing implications and subsequently revised to CreditWatch Positive on Nov. 1, the agency said.

S&P said it also assigned its BB- long-term local currency corporate credit rating to Petroleos de Venezuela.

The outlook is stable.

The ratings on Petroleos de Venezuela and its sole shareholder, the Bolivarian Republic of Venezuela, are tightly linked, S&P said, noting that the aforementioned reflects its opinion that Petroleos de Venezuela is a public policy based institution that plays a central role in meeting the sovereign's political and economic objectives.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.