On Sept. 16, 2014, we lowered our foreign currency rating on Venezuela to 'CCC+' from 'B-'. We are lowering our ratings on the national oil and gas company, PDVSA, to 'CCC+' from 'B-'. The negative outlook on PDVSA mirrors that on the sovereign, reflecting our view of the company's integral link with the government and critical role for the country. Therefore, another downgrade is possible if we further lower the ratings on the sovereign. On Sept. 17, 2014, Standard&Poor's Ratings Services lowered its long-term corporate credit and senior unsecured debt ratings on Petroleos de Venezuela S.A. (PDVSA) to 'CCC+' from 'B-'. The outlook remains negative. The rating action on PDVSA followed the downgrade of Venezuela to 'CCC+' from
