S&P downgrades PDVSA

Standard & Poor's said it lowered its long-term corporate credit and senior unsecured debt ratings on Petroleos de Venezuela SA (PDVSA) to B- from B.

The outlook remains negative.

The rating action on PDVSA followed the downgrade of Venezuela to B- from B.

Based on S&P's criteria for GREs, S&P assesses that there is an "almost certain" likelihood that the government would provide timely and extraordinary support to PDVSA, in case of financial distress, and result in extraordinary financial burden on it, in case of sovereign stress.

S&P also revised its assessment of the company's stand-alone credit profile to b-.

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