S&P: PDVSA Finance on watch

Standard & Poor's said it placed its B+ rating on PDVSA Finance Ltd.'s outstanding $2.2 billion and €88.4 million debt on CreditWatch with negative implications.

The CreditWatch placement reflects certain features of a tender offer made by Petroleos de Venezuela SA (PDVSA) for the outstanding PDVSA Finance notes that, in S&P's view, may reduce the credit quality of any notes that remain outstanding upon completion of the tender offer.

Notes placed on negative watch include the B+ ratings of PDVSA Finance Ltd.'s 6.65% notes due 2006, 6.80% notes due 2008, 7.40% notes due 2016, 7.50% notes due 2028, 6.25% notes due 2006, 9.40% notes due 2007, 9.75% notes due 2010, 9.95% notes due 2020, and 8.50% notes due 2012.

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