New York, December 18, 2013 -- Moody's Investors Service downgraded the foreign currency bond rating and global local currency rating of Petróleos de Venezuela (PDVSA) to Caa1 from B2 and B1, respectively, and maintained a negative outlook on the ratings. Moody's also downgraded CITGO Petroleum Corporation's Corporate Family Rating to B1 from Ba2; its Probability of Default rating to B1-PD from Ba2-PD; and its senior secured ratings on term loans, notes and industrial revenue bonds to B1, LGD3-43% from Ba2, LGD3-41%. Moody's also assigned a rating of Ba3, LGD3-30% to CITGO's senior secured bank credit facility. The rating outlook for CITGO is negative. CITGO is PDVSA's wholly-owned US-based refining subsidiary.

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