S&P: Petrozuata Finance view positive

Standard & Poor's said it affirmed the B rating on Petrozuata Finance Inc.'s $287.2 million bonds due 2009, $625 million bonds due 2017 and $75 million bonds due 2022, and removed the ratings from CreditWatch with negative implications, where they were placed on June 27.

The ratings are now on CreditWatch with positive implications. Petrolera Zuata, Petrozuata CA guarantees Petrozuata Finance's bonds.

According to the agency, the action reflects the reduced potential of a project default due to resolved government tax payments, demonstrated interest in preventing a default at Petrozuata and other heavy oil projects, and continuing good operations, the agency said.

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