Petroleos de Venezuela S.A.'s (PDVSA) stand-alone credit profile is 'b+', and mirrors the corporate credit rating. Our 'B+' corporate credit rating on the company, in turn, is based on our criteria for government-related entities and our view of an almost certain likelihood of extraordinary government support weighing the following assessments: PDVSA's "critical" role as it contributes about 50% of Venezuela's revenues and 90% of the country's exports, and plays a key role in meeting the sovereign's political and economic objectives; and Its "integral" link with the government, given its full and stable ownership of the company. We also believe that the government will provide sufficient and timely credit support to the company in all circumstances. One of the largest national
