NY -- Standard&Poor's CreditWire 6/26/96 -- Standard and Poor's today has affirmed the single-`B' corporate credit rating of Petroleos de Venezuela, S.A. (PDVSA). The outlook has been revised to stable from negative. Outstanding rated debt totals $1.0 billion. The corporate credit rating and outlook revision reflect the foreign- currency debt rating and outlook revision of its lone shareholder, the Republic of Venezuela (see related press release). In addition to the legal ties of ownership, the ratings and outlooks of PDVSA and the republic are closely linked because of PDVSA's overwhelming importance to the Venezuelan economy, the government's heavy dependence on oil-related revenue, and the government's more active management of PDVSA in support of economic policy objectives. PDVSA, the
