September 15, 2004
Moody's upgrades PDVSA ratings
(BNamericas.com) - "Moody's Investors Service has upgraded Venezuelan state oil company PDVSA's foreign currency rating to B2 from Caa1 and its local currency rating to B1 from Caa1, Reuters reported.

Moody's also upgraded the long-term rating of PDVSA Finance Ltd's notes to B1 from Caa1.

The rating actions follow the upgrade of Venezuela's sovereign credit rating last week to reflect the resolution of the recall referendum in favor of President Hugo Chávez and the government's determination to service its public debt in full and on a timely basis, Moody's said in a statement.

'The referendum (…) appears to provide a somewhat more stabilized political and economic environment with a reduced risk of disruptions to PDVSA's own operations,' Moody's added".