One of the largest national oil companies worldwide, Long-proven reserve life and competitive production costs, and Ownership of CITGO. Highly taxed industry, High social spending and government intervention, Commodity price volatility, Uncertainty regarding transfers to the government in a distressed scenario, and Delays in the release of financial information. The 'B+' rating on Petroleos de Venezuela S.A. (PDVSA), which is one notch lower than that on its owner, reflects our opinion that there is a "extremely high" likelihood that the Bolivarian Republic of Venezuela (BB-/Stable/B) would provide timely and sufficient extraordinary support to PDVSA if financial distress occurs. We assess the stand-alone credit profile (SACP) of PDVSA in the 'B' category. The one-notch differential between the issuer and the sovereign
