Standard and Poors withdrew its ratings On Venezuela's state oil company Petroleos de Venezuela S.A. after multiple events of default and the company repeatedly failed to submit its audited financials since 2017.
By Juan Camilo Alvarez
& Fabiola Ortiz
S&P Global Ratings
MEXICO CITY -- S&P Global Ratings withdrew its 'SD' issuer credit rating on Venezuela-based oil and gas company Petroleos de Venezuela S.A. (PDVSA). At the same time, we withdrew our 'D' issue-level rating on the company's debt.
The withdrawal of our ratings on PDVSA follows our repeated attempts to obtain timely information of satisfactory quality from the company in order to maintain our ratings in accordance with our criteria and policies. PDVSA has been unable to meet the coupon payments on its 2017, 2021, 2024, 2026, 2027, and 2037 notes since November 2017 (or we have been unable to obtain a confirmation that the bondholders had received the funds by that date). This constitutes an event of default under our methodology.