S&P lowers Petroleos de Venezuela

Standard & Poor’s said it lowered the long-term corporate credit and senior unsecured debt ratings on Petroleos de Venezuela SA to CCC+ from B-.

The outlook remains negative.

The downgrade follows the downgrade of Venezuela to CCC+ from B-.

The agency said it assesses that there is an almost certain likelihood that the government would provide timely and extraordinary support to the company in case of financial distress.

The company plays a critical role as it contributes about 50% of Venezuela’s revenues and 90% of its exports, key role in meeting the sovereign’s political and economic objectives; the agency said.

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