S&P affirms PDVSA

Standard & Poor's said it affirmed its B+ long-term corporate credit rating on Petroleos de Venezuela SA.

At the same time, the agency said it affirmed the B+ senior unsecured issue-level rating on the company. The outlook is stable.

"The ratings on PDVSA reflect our opinion that there is an almost certain likelihood that its owner, Bolivarian Republic of Venezuela, would provide timely and sufficient extraordinary support to PDVSA in the event of financial distress," said S&P credit analyst Fabiola Ortiz in a news release.

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