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Fitch affirms PDVSA
Fitch Ratings said it affirmed Petroleos de Venezuela SA's foreign-currency issuer default rating at B+, local currency issuer default rating at B+, senior notes at B+/RR4 and long-term national scale rating at AAA(ven).
The outlook is stable.
PDVSA's credit quality is linked to that of the government of Venezuela, the agency said. It is a state-owned company, whose royalties and tax payments represent more than 50% of the government's revenues, and it is of strategic importance to the economic and social policies of the country.
The company has a total debt-to-EBITDA ratio averaging 0.4 times since 2004.
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