On Aug. 19, 2011, we downgraded Venezuela to 'B+' from 'BB-'. We have also applied our enhanced methodology and assumptions for rating government-related entities to PDVSA. Following these actions, we affirmed our 'B+' long-term corporate credit and senior unsecured ratings on PDVSA. The stable outlook reflects expectation that there would be no significant change in PDVSA's relationship with the Venezuelan government for the next two or three years. On Aug. 22, 2011, Standard&Poor's Ratings Services affirmed its 'B+' long-term corporate credit and senior unsecured ratings on Venezuelan state-owned oil company Petróleos de Venezuela S.A. (PDVSA). The outlook is stable. The affirmation follows the downgrade of the Bolivarian Republic of Venezuela to 'B+' from 'BB-'. The long-term corporate credit
