On Aug. 25, 2004, Standard&Poor's Ratings Services raised its corporate credit rating on Petroleos de Venezuela S.A. (PDVSA) to 'B' from 'B-'. Standard&Poor's also affirmed its 'BB' corporate credit rating on PDVSA-affiliate CITGO Petroleum Corp. The outlook is stable. The rating upgrade on PDVSA follows the rating upgrade of the long-term foreign and local currency sovereign credit ratings on the Bolivarian Republic of Venezuela to 'B' from 'B-'. Standard&Poor's also raised its short-term foreign and local currency sovereign credit ratings on Venezuela to 'B' from 'C'. The outlook for the ratings on Venezuela is stable. The ratings on PDVSA and Venezuela are equalized because of their ties of ownership and economic interests. The rating
