Venezuelan state-owned oil company PDVSA's business and financial performance remain aligned with our expectation. We are affirming our 'B+' rating on PDVSA. The stable outlook reflects our view that PDVSA's relationship with the government will not change significantly over the next few years. On July 30, 2012, Standard&Poor's Ratings Services affirmed its 'B+' long-term corporate credit and senior unsecured ratings on Petróleos de Venezuela S.A. (PDVSA). The outlook is stable. This affirmation follows our regular annual review. The 'B+' rating on PDVSA, which is at the same level as that on its owner, the Bolivarian Republic of Venezuela (B+/Stable/B), reflects our opinion that there is an "almost certain" likelihood that the government would provide timely and sufficient extraordinary
