S&P Revises PDVSA CreditWatch to Positive

Standard & Poor (S&P) has revised the creditwatch implications of its B+ long-term foreign currency corporate credit rating on Venezuela's state oil company PDVSA to positive from developing.

The change reflects the increased availability of financial reporting information from PDVSA, S&P said in a statement.

"We have received 2005 audited information and up-to-date operating data, which indicate strong profitability and modest leverage, but also confirm our concerns regarding increased social spending and its impact on PDVSA's future capital expenditures," S&P credit analyst Jose Coballasi said.

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