On Jan. 11, 2010, we revised our outlook on Venezuela to stable from negative. We are revising our outlook on PDVSA to stable from negative and affirming our 'B+' corporate credit rating on the company. We expect PDVSA's liquidity and relationship with the Venezuelan government to remain the same over the next two to three years, underpinning a stable outlook for the rating. On Jan. 13, 2010, Standard&Poor's Ratings Services revised its outlook on Venezuelan state-owned oil company, Petróleos de Venezuela S.A. (PDVSA), to stable from negative. At the same time, we affirmed our 'B+' corporate credit rating on PDVSA. The outlook revision follows the Jan. 11, 2010, outlook change on the Bolivarian Republic of Venezuela (BB-/Stable/B) to
