NEW YORK (Standard&Poor's) April 16, 2003--Standard&Poor's Ratings Services said today that it affirmed its 'CCC+' corporate credit rating on Venezuelan state oil company Petroleos de Venezuela S.A. (PDVSA) and revised its outlook on the company to stable from negative. "The outlook revision follows a similar change to our outlook for the ratings on the Bolivarian Republic of Venezuela, which reflects improving liquidity for the country as a result of recovering oil production against a backdrop of continuing, albeit diminished, economic pressures, and political turmoil. Future ratings changes on PDVSA will be linked to those on Venezuela," said Standard&Poor's credit analyst Bruce Schwartz. As Venezuela recovers from the political and economic strife that has affected
