Venezuela-based oil and gas company PDVSA announced the final results of its proposed exchange offer, which we view as a distressed exchange. We're lowering our corporate credit rating on PDVSA to 'SD' (selective default) from 'CC'. At the same time, we're lowering our issue-level ratings on the company's $3.0 billion 5.25% senior unsecured notes due April 2017 and on its $4.1 billion 8.5% senior unsecured notes due November 2017 to 'D' from 'CC'. On Oct. 25, 2016, S&P Global Ratings lowered its corporate credit rating on Petroleos de Venezuela S.A. (PDVSA) to 'SD' from 'CC'. At the same time, we lowered our issue-level ratings on the company's $3.0 billion 5.25% senior unsecured notes due April 2017 and on its $4.1
