One of the largest national oil companies worldwide; Long proved reserve life and competitive production costs; and Ownership of CITGO. Less-than-adequate liquidity; Aggressive financial policy; High social spending and government intervention; and Delays in the release of financial information. Standard&Poor's Ratings Services' ratings on Petróleos de Venezuela (PDVSA) reflect our opinion that there is an almost certain likelihood that its owner, the Bolivarian Republic of Venezuela (B+/Stable/B), would provide timely and sufficient extraordinary support to PDVSA in the event of financial distress. The ratings on PDVSA are the same as the ratings on Venezuela. The stand-alone credit profile (SACP) of PDVSA is 'b+'. PDVSA's SACP reflects its less-than-adequate liquidity, aggressive financial policy, and continued delays in releasing its
