Petroleos de Venezuela's Rating Cut to 'CCC+'; Outlook Negative - S&P Global Ratings’ Credit Research

Petroleos de Venezuela's Rating Cut to 'CCC+'; Outlook Negative

Petroleos de Venezuela's Rating Cut to 'CCC+'; Outlook Negative - S&P Global Ratings’ Credit Research
Petroleos de Venezuela's Rating Cut to 'CCC+'; Outlook Negative
Published Dec 13, 2002
Published Dec 13, 2002
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About This Report

  
Abstract:

NEW YORK (Standard&Poor's) Dec. 13, 2002--Standard&Poor's Ratings Services said today it lowered its corporate credit rating on Venezuelan state oil company Petroleos de Venezuela S.A. (PDVSA) to 'CCC+' from 'B-'. The outlook is negative. The ratings downgrade reflects the downgrade of the credit ratings of the Bolivarian Republic of Venezuela. Future ratings changes will be linked to those on Venezuela. "The ratings downgrade also reflects the near paralysis of PDVSA's operations caused by labor unrest and political tensions in Venezuela," said Standard&poor's credit analyst Bruce Schwartz. In recent days, PDVSA's production volumes reportedly have fallen by about 70% and little to no oil and refined products have been exported. PDVSA has declared force majeure

  
Report Type:

Ratings Action

Ticker
PDVSA@VC
Issuer
Petroleos de Venezuela S.A.
GICS
Integrated Oil & Gas (10102010)
Sector
Global Issuers
Country
Venezuela
Region
Latin America
Format:
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MLA:
S&P Global Ratings’ Credit Research. "Petroleos de Venezuela's Rating Cut to 'CCC+'; Outlook Negative" Dec 13, 2002. Alacra Store. May 22, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Petroleos-de-Venezuela-s-Rating-Cut-to-CCC-Outlook-Negative-280673>
  
APA:
S&P Global Ratings’ Credit Research. (). Petroleos de Venezuela's Rating Cut to 'CCC+'; Outlook Negative Dec 13, 2002. New York, NY: Alacra Store. Retrieved May 22, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Petroleos-de-Venezuela-s-Rating-Cut-to-CCC-Outlook-Negative-280673>
  
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