Standard&Poor's Ratings Services' ratings on Petróleos de Venezuela (PDVSA) reflect our opinion that there is an almost certain likelihood that its owner, the Bolivarian Republic of Venezuela (B+/Stable/B), would provide timely and sufficient extraordinary support to PDVSA in the event of financial distress. The ratings on PDVSA are the same as the ratings on Venezuela. The stand-alone credit profile (SACP) of PDVSA is 'b+'. PDVSA's SACP reflects its less-than-adequate liquidity, aggressive financial policy, and continued delays in releasing its financial information. It also reflects our view that the company could prioritize transfers to the government before debt payments in a distressed scenario. In accordance with our criteria for government-related entities, our view of an almost certain likelihood of
