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Moody's withdraws Venezuelan oil giant's currency ratings
AFP
NEW YORK
Petroleumworld.com 07 29 06
Moody's Investors Service has withdrawn Petroleo de Venezuela's (PDVSA) currency ratings because the Caracas state-owned oil giant has failed to provide adequate company information, the ratings service said Friday.
Moody's withdrew its B1 global local currency rating and B1 foreign currency issuer rating for PDVSA.
"Moody's lacks adequate financial and operating information to maintain stand alone ratings on PDVSA, which has not been current with financial filings since the company-wide strike of 2002-2003," the service said in a statement.
"PDVSA has no directly issued public debt outstanding and it redeemed in April 2006 and de-registered in May 2006 the last public debt of its PDVSA Finance subsidiary conduit.
"Moody's has no indication that PDVSA intends to provide audited financial statements either on a public or private basis."
The move does not affect Moody's ability to monitor PDVSA's US subsidiary, Citgo Petroleum, and various project financings that are partly owned by the Venezuelan firm, "since all of those entities continue to provide timely audited financial information," the ratings service said.
AFP 28 2034 GMT 07 06
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