MEXICO CITY (Standard&Poor's) Oct. 28, 2010--Standard&Poor's Ratings Services assigned its 'B+' senior unsecured debt rating (at the same level as the corporate credit rating on the company) to the $3 billion notes due 2017 proposed by Petróleos de Venezuela S.A. (PDVSA; B+/Stable/--). The notes benefit from the unconditional and irrevocable guarantee of payment by PDVSA's subsidiary, PDVSA Petróleo S.A. (not rated). Proceeds from the notes will be used for general corporate purposes, including capital expenditures and social development expenses. "The rating on the company's senior unsecured notes is based on our expectation that the ratio of priority liabilities to total assets will remain below 15%, allowing for no structural subordination of the notes," said Standard&
