One of the largest national oil companies worldwide; Long proved reserve life and competitive production costs; and Ownership of CITGO. Aggressive financial policy; High social spending and government intervention; Delays in the release of financial information; and The company prioritizes transfers to the government before debt payments in a distressed scenario. The 'B+' rating on PDVSA, which is at the same level as that on its owner, the Bolivarian Republic of Venezuela (B+/Stable/B), reflects our opinion that there is an "almost certain" likelihood that the government would provide timely and sufficient extraordinary support to PDVSA in the event of a financial distress. We assess PDVSA's stand-alone credit profile (SACP) at 'b+', which reflects our assessment of a fair business risk
