Standard&Poor's Ratings Services' 'B+' long-term corporate credit rating on Petroleos de Venezuela S.A. (PDVSA), which is one notch lower than that on its owner, the Bolivarian Republic of Venezuela (BB-/Stable/B), reflects our opinion that there is an extremely high likelihood that the Venezuela would provide timely and sufficient extraordinary support to PDVSA if financial distress occurred. We assess the stand-alone credit profile 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 because of 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
