S&P affirms PDVSA

Standard & Poor's said it affirmed the B+ long-term corporate credit and senior unsecured ratings on Petroleos de Venezuela SA (PDVSA).

The outlook is stable.

The affirmation follows the downgrade of the Bolivarian Republic of Venezuela to B+ from BB-, S&P said.

The stand-alone credit profile reflects the company's less-than-adequate liquidity, aggressive financial policy and continued delays in releasing its financial information, the agency said.

The ratings also reflect a view that the company could prioritize transfers to the government before debt payments in a distressed scenario, S&P said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.