Moody's affirms Venezuelan oil projects

Moody's Investors Service said it confirmed the senior secured debt of Venezuelan heavy oil projects Petrozuata, Cerro Negro, Sincor, and Hamaca at B1. The outlook is stable for all four issuers. This action concludes the review for possible upgrade that was initiated on Sept 20.

Moody's said the placement of the four Venezuelan heavy oil projects on review for potential upgrade reflected continued operational improvements and increased financial flexibility at each of the projects.

The projects continue to perform well on an operating basis, with increased production levels and elevated oil revenues at all the projects in 2004, according to Moody's.

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