Holds position among the world's leading integrated national oil companies; and Owns CITGO Petroleum Corp. (CITGO; BB/Stable/--), one of the leading refiners in the U.S. Inconsistencies observed in reported production figures versus other sources; Uncertainty around its stated production targets; and Expectations of a significant increase in debt leverage. The ratings on Petroleos de Venezuela S.A. (PDVSA) and its sole shareholder, the Bolivarian Republic of Venezuela (BB-/Stable/B), are tightly linked, reflecting our opinion that PDVSA is a public policy-based institution that plays a central role in meeting the sovereign's political and economic objectives. The ties of ownership and economic interests between PDVSA and Venezuela are evident in the significant contribution of the oil industry to government revenues (50%) and the
