S&P upgrades PDVSA

Standard & Poor's said it raised its corporate credit rating on Petroleos de Venezuela SA to B from B- and affirmed its BB corporate credit rating on PDVSA-affiliate Citgo Petroleum Corp.

The outlook is stable.

S&P said the ratings on Petroleos de Venezuela reflect the foreign currency rating on Venezuela, its lone shareholder.

As Venezuela recovers from the political and economic strife that has affected the company during the past two years, S&P said it expects that the government will continue to use its authority to exploit Petroleos de Venezuela's financial resources to effectively consolidate the debt management of the country.

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