Moody's rates PDVSA notes B2

Moody's Investors Service said it assigned a B2 foreign currency rating to Petroleos de Venezuela's (PDVSA) $3 billion senior note issue.

At the same time, Moody's affirmed the company's existing B1 local currency rating with a stable outlook.

Moody's said PDVSA's B2 senior rating is tied to and constrained by Venezuelan sovereign risk. PDVSA is rated equal to the government's B2 foreign currency rating, reflecting its key role as the state oil company, and the government's control over its operations, investment program and payments for state social programs.

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