Fitch ups PDVSA Finance to BB

In light of Fitch's recent upgrade of both Venezuela and Petroleos de Venezuela SA to B+, Fitch said it upgraded the PDVSA Finance Ltd.'s oil export receivables securitization to BB from BB-.

Fitch said the sovereign upgrade reflects increasing political and economic stability, which positively affects both PDVSA and PDVSA Finance.

The rating of the transaction remains tempered by linkage to the sovereign and the structural changes made during the recent tender of over 95% of the outstanding PDVSA Finance notes, according to Fitch.

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