MEXICO CITY (Standard&Poor's) March 26, 2007—Standard&Poor's Ratings Services said today that it assigned its 'BB-' senior unsecured long-term credit rating to Petroleos de Venezuela S.A.'s (PDVSA) proposed $2 billion notes due 2017, $2 billion notes due 2027, and $1 billion notes due 2037. Proceeds from the notes will be used for general corporate purposes, including financing capital expenditures. The outlook is stable. "The ratings on PDVSA and its sole shareholder, the Bolivarian Republic of Venezuela, are tightly linked. The aforementioned reflects our opinion that PDVSA is a public policy-based institution that plays a central role in meeting the sovereign's political and economic objectives," said Standard&Poor's credit analyst Jose Coballasi. Ownership and economic interests between
