On Aug. 15, 2005, Standard&Poor's Ratings Services raised its corporate credit rating on Petroleos de Venezuela S.A. (PDVSA) to 'B+' from 'B'. The outlook is stable. The upgrade on PDVSA follows the raising of the long-term foreign and local currency sovereign credit ratings on the Bolivarian Republic of Venezuela to 'B+' from 'B'. The outlook on the ratings on Venezuela is stable. The ratings on PDVSA and Venezuela are equalized because of their ties of ownership and economic interests. Through its subsidiaries, PDVSA engages in the exploration and production of crude oil and natural gas (upstream) and the refining, marketing, and distribution of crude oil, refined products, and petrochemicals. The ratings on PDVSA, Venezuela's national oil company, reflect
