S&P upgrades PDVSA

Standard & Poor's said it raised its corporate credit rating on Petroleos de Venezuela SA (PDVSA) to B+ from B.

The outlook is stable.

S&P said the upgrade on PDVSA follows the raising of the long-term foreign and local currency sovereign credit ratings on the Bolivarian Republic of Venezuela to B+ from B. The outlook on the ratings on Venezuela is stable. The ratings on PDVSA and Venezuela are equalized because of their ties of ownership and economic interests.

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