NEW YORK (Standard&Poor's) Feb. 12, 2002-- Standard&Poor's today placed its single-'B' foreign currency corporate credit rating for Petroleos de Venezuela S.A. (PDVSA) on CreditWatch with negative implications. At the same time, Standard&Poor's placed the ratings on PDVSA's U.S. downstream affiliates, PDV America Inc. and CITGO Petroleum Corp. on CreditWatch with negative implications. The rating actions follows Standard&Poor's placement on Feb. 11, 2002, of its single-'B' long- and short-term foreign currency sovereign credit ratings on the Bolivarian Republic of Venezuela on CreditWatch with negative implications. The CreditWatch action indicates the increased probability of a downgrade of the sovereign and PDVSA ratings unless anticipated government actions restore investor confidence. Although the incentives to distinguish
