The 'B+' rating on Petroleos de Venezuela S.A. (PDVSA), which is one notch lower than that on its owner, reflects our opinion that there is a "extremely high" likelihood that the Bolivarian Republic of Venezuela (BB-/Stable/B) would provide timely and sufficient extraordinary support to PDVSA if financial distress occurs. We assess the stand-alone credit profile (SACP) of PDVSA in the 'B' category. The one-notch differential between the issuer and the sovereign rating on Venezuela reflects PDVSA's weaker stand-alone credit quality due to 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
