Moody's affirms PDVSA

Moody's Investors Service said it affirmed Petroleos de Venezuela SA's B1 global local-currency issuer rating in conjunction with the agency's review for upgrade of Venezuela's B1 foreign-currency bond ceiling and the government's B2 foreign-currency bond rating.

In the agency's view, the government's control over and close linkage to PDVSA make any distinction between the government and PDVSA largely moot. Consequently, Moody's said PDVSA's global local-currency issuer rating derives no uplift despite a high level of imputed support from the government because the level of dependence is also high and the government's B1 local-currency bond rating is not under review for upgrade.

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