MEXICO CITY (Standard&Poor's) Feb. 8, 2006--Standard&Poor's Ratings Services today placed its 'B+' corporate credit rating for Petroleos de Venezuela S.A. (PDVSA) on CreditWatch with developing implications. The rating action follows the upgrade of the long-term sovereign credit rating on the Bolivarian Republic of Venezuela to 'BB-' from 'B+'. The CreditWatch Developing means that a rating may be raised, lowered, or affirmed. "In addition to our ongoing concerns regarding PDVSA's ability to finance both sustaining capital expenditures and growth initiatives, the CreditWatch listing reflects the absence of timely financial and operating information for PDVSA," said Standard&Poor's credit analyst Jose Coballasi. "Standard&Poor's expects to resolve PDVSA's CreditWatch listing in the next couple of months
