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Weathering the Venezuelan Oil Drought

Fitch Ratings believes that the unprecedented strike that paralyzed Venezuela between December 2, 2002, and February 3, 2003, marks an important watershed in the modern development of Venezuela's hydrocarbon industry, akin to nationalization, adoption of the internationalization strategy in the 1980s, or the oil opening in the 1990s. While the political crisis has undermined Venezuela's image as a reliable crude oil supplier, Fitch believes that PDVSA will continue to be an important player in the global energy market. However, the widespread cut among the company's seasoned professionals will adversely affect PDVSA's stand-alone ability to formulate and execute long-term strategic objectives and business plans. While all PDVSA-related transactions, including PDVSA Finance, Petrozuata, Cerro Negro, Sincor, Hamaca, Merey Sweeny, and HOVENSA, are affected by the political crisis, the magnitude of the rating impact has varied depending on their level of direct exposure to PDVSA.