The ratings on Venezuela's national oil and gas company PDVSA continue to reflect those on Venezuela. We are affirming our 'CCC' long-term corporate credit and senior unsecured debt ratings on PDVSA. The negative outlook on PDVSA also mirrors that on the sovereign. On Nov 30. 2015, Standard&Poor's Ratings Services affirmed its 'CCC' long-term corporate credit and senior unsecured debt ratings on Petroleos de Venezuela S.A. (PDVSA). The outlook remains negative. The 'CCC' corporate credit ratings on PDVSA, which is the same as the sovereign rating on the Bolivarian Republic of Venezuela (CCC/Negative/C), reflects our opinion that there is a "moderately high" likelihood of extraordinary government support, which is based on: PDVSA's "critical" role to the sovereign, as it
