The 'B+' rating on PDVSA, which is at the same level as that on its owner, the Bolivarian Republic of Venezuela (B+/Stable/B), reflects our opinion that there is an "almost certain" likelihood that the government would provide timely and sufficient extraordinary support to PDVSA in the event of a financial distress. We assess PDVSA's stand-alone credit profile (SACP) at 'b+', which reflects our assessment of a fair business risk profile and an aggressive financial profile. It also incorporates continued delays in releasing its financial information, as well as 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"
