On April 16, 2003, Standard&Poor's Ratings Services affirmed its 'CCC+' corporate credit rating on Venezuelan state oil company Petroleos de Venezuela S.A. (PDVSA) and revised its outlook on the company to stable from negative. The outlook revision follows a similar change to Standard&Poor's outlook for the ratings on the Bolivarian Republic of Venezuela, which reflects improving liquidity for the country as a result of recovering oil production against a backdrop of continuing, albeit diminished, economic pressures, and political turmoil. Future ratings changes on PDVSA will be linked to those on Venezuela. PDVSA is the national oil company of Venezuela and one of the largest and lowest-cost producers, refiners, and marketers of crude oil and refined products
