On July 31, 2003, Standard&Poor's Ratings Services raised its corporate credit rating on Venezuelan state oil company Petroleos de Venezuela S.A. (PDVSA) to 'B-' from 'CCC+'. At the same time, Standard&Poor's raised its corporate credit rating on PDVSA's wholly owned affiliate PDV America Inc. to 'BB' from 'BB-'. The outlook is stable. The rating upgrades reflect the upgrade of the foreign currency rating on the Bolivarian Republic of Venezuela to 'B-' from 'CCC+'. Future ratings changes on PDVSA and its affiliates will be linked to rating changes on Venezuela, in addition to changes in either entity's financial or operational profile. PDVSA is the national oil company of Venezuela and one of the largest and lowest-cost producers,
