S&P: PDVSA view negative

Standard & Poor's said it revised the outlook on Petroleos de Venezuela SA to negative from stable and affirmed its BB- long-term corporate credit rating.

"The outlook revision follows the outlook change on the Bolivarian Republic of Venezuela to negative from stable," S&P analyst Enrique Gomez Tagle said in a statement.

Ratings on PDVSA is tightly linked to Venezuela as the issuer is a public policy-based institution that plays a central role in meeting the sovereign's political and economic objectives, according to the agency.

Ratings consider the inconsistencies observed in reported production figures versus those of other sources and the absence of an external audit of its reserve base, the agency said.

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