CITGO Petroleum Corporation -- Moody's downgrades ratings of PDVSA and CITGO Petroleum

New York, January 15, 2015 -- Moody's Investors Service downgraded the long term issuer rating and senior unsecured notes of Petroleos de Venezuela (PDVSA) to Caa3 from Caa1 and changed the outlook on the ratings to stable from negative. Moody's also downgraded CITGO Petroleum Corporation's Corporate Family Rating to B3 from B1; its Probability of Default rating to B3-PD from B1-PD; and its senior secured ratings on term loans, notes and industrial revenue bonds to B3 from B1. The rating on Citgo's senior secured revolving credit facility was downgraded to B2 from B1, reflecting a lower expected loss in case of default vis-a-vis other classes of debt in the company's capital structure. The rating outlook for CITGO was changed to stable from negative. CITGO is PDVSA's wholly-owned US-based refining subsidiary.

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