Fitch rates PDVSA notes B+/RR4

Fitch Ratings said it assigned a B+/RR4 rating to Petroleos de Venezuela SA's proposed $3 billion zero-coupon notes due in 2011.

The company has foreign- and local-currency issuer default ratings of B+ and senior notes ratings of B+/RR4.

The outlook is stable.

Proceeds will be used to fund capital expenditures and for other general corporate purposes.

PDVSA's credit quality is inextricably linked to that of the government of Venezuela, the agency said.

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