S&P rates Petroleos de Venezuela notes BB-

Standard & Poor's said it assigned its BB- senior unsecured long-term credit rating to Petroleos de Venezuela SA's proposed $2 billion notes due 2017, $2 billion notes due 2027 and $1 billion notes due 2037.

Proceeds from the notes will be used for general corporate purposes, including financing capital expenditures, the agency said.

The outlook is stable.

"The ratings on Petroleos de Venezuela and its sole shareholder, the Bolivarian Republic of Venezuela, are tightly linked. The aforementioned reflects our 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," said S&P credit analyst Jose Coballasi.

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