MEXICO CITY (Standard&Poor's) March 8, 2007--Standard&Poor's Ratings Services said today that it raised its long-term foreign currency corporate credit rating on Petroleos de Venezuela S.A. (PDVSA) to 'BB-' from 'B+'. The rating was removed from CreditWatch, where it was placed originally on Feb. 8, 2006, with developing implications and subsequently revised to CreditWatch Positive on Nov. 1, 2006. We also assigned our 'BB-' long-term local currency corporate credit rating to PDVSA. The outlook for all ratings is stable. "The rating action follows the completion of a full review of the issuer's operating and financial prospects," said Standard&Poor's credit analyst Jose Coballasi. The ratings on PDVSA and its sole shareholder, the Bolivarian Republic of Venezuela,
