Moody's ups Petroleos de Venezuela

Moody's Investors Service said it upgraded Petroleos de Venezuela's foreign currency issuer rating to B2 from Caa1 and its local currency issuer rating to B1 from Caa1. The rating agency also upgraded the long-term rating of PDVSA Finance Ltd.'s notes to B1 from Caa1.

Moody's said the rating actions follow upon the recent upgrade of Venezuela's country ceiling for foreign currency bonds and notes to B2 from Caa1 and the republic's local currency denominated bonds to B1 from Caa1. The local currency issuer rating of PDVSA and the long-term rating of the PDVSA Finance notes both remain under review for upgrade.

The earlier upgrades of Venezuela's sovereign ratings reflect the resolution of the recall referendum in favor of president Chavez and the government's determination to service its public debt in full and on a timely basis, despite severe stress, Moody's said.

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