Fitch gives Pdvsa notes B+

Fitch Ratings said it expects to rate Petroleos de Venezuela, SA's (Pdvsa) proposed senior unsecured debt issuance of up to $4.5 billion at B+/RR4.

The company plans to use the proceeds to refinance upcoming maturities and for general corporate purposes.

According to the agency, Pdvsa's credit quality reflects the company's linkage to the government of Venezuela as a state-owned entity, combined with increased government control over business strategies and internal resources.

The company's ratings also consider the strong balance sheet, sizeable proven hydrocarbon reserves, and strategic interests in international downstream assets.

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