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S&P affirms Citgo Petroleum
Standard & Poor's said it affirmed its BB corporate credit and senior unsecured debt ratings on Houston-based refiner and marketer Citgo Petroleum Corp.
The outlook is stable.
S&P said the affirmation follows the upgrade of Citgo's parent, Petroleos de Venezuela SA (PDVSA) and the Bolivarian Republic of Venezuela. The corporate credit rating on PDVSA was raised to B+ from B, and the long-term foreign and local currency sovereign credit ratings on Venezuela were raised to B+ from B.
S&P noted that the ratings on Citgo were not raised in step with those of the parent in part due to continuing uncertainty regarding PDVSA's strategic plans for the refiner.
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