Petroleos de Venezuela, S.A. 'CCC' Ratings Affirmed; Outlook Remains Negative

The ratings on Venezuela's national oil and gas company PDVSA continue to reflect those on Venezuela. We are affirming our 'CCC' long-term corporate credit and senior unsecured debt ratings on PDVSA. The negative outlook on PDVSA also mirrors that on the sovereign. MEXICO CITY (Standard&Poor's) Nov. 30, 2015--Standard&Poor's Ratings Services said today it affirmed its 'CCC' long-term corporate credit and senior unsecured debt ratings on Petroleos de Venezuela S.A. (PDVSA). The outlook remains negative. The 'CCC' corporate credit ratings on PDVSA, which is the same as the sovereign rating on the Bolivarian Republic of Venezuela (CCC/Negative/C), reflects our opinion that there is a "moderately high" likelihood of extraordinary government support The ratings on PDVSA also take

...+ The ratings on Venezuela's national oil and gas company PDVSA continue to reflect those on Venezuela. + We are affirming our '###' long-term corporate credit and senior unsecured debt ratings on PDVSA. + The negative outlook on PDVSA also mirrors that on the sovereign. MEXICO CITY (Standard & Poor's) Nov. 30, 2015--Standard & Poor's Ratings Services said today it affirmed its '###' long-term corporate credit and senior unsecured debt ratings on Petroleos de Venezuela S.A. (PDVSA). The outlook remains negative. The '###' corporate credit ratings on PDVSA, which is the same as the sovereign rating on the Bolivarian Republic of Venezuela (###/Negative/C), reflects our opinion that there is a "moderately high" likelihood of extraordinary government support The ratings on PDVSA also take into account its weak liquidity in the context of its need to finance very high capital expenditures (capex) to develop reserves and increase production. It would also use the increased capex to fund the company's...

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