One of the world's leading integrated national oil companies Owns CITGO Petroleum Corp, one of the leading refiners in the U.S. Inconsistencies in reported production figures Uncertainty around its stated production targets Expected weaker financial metrics as a result of lower oil prices The ratings on Petroleos de Venezuela S.A. (PDVSA) and on the Bolivarian Republic of Venezuela (BB-/Negative/B), its sole shareholder, 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 country's exports (90%). PDVSA has
