Moody's confirms syncrude ratings

Credit ratings agency Moody's confirmed the existing ratings for Venezuela's four heavy crude upgrade projects and revised the outlook to stable from negative, Moody's said in statement Friday. The ratings are for the following debt: the approximately US$973mn senior secured bonds of Petrozuata Finance Inc (B1); the US$575mn senior secured bonds of Cerro Negro Finance Ltd (B1); the US$1.1bn of senior secured loans of Sincor (B1); and the US$470mn of senior secured loans of Hamaca Holding (B3), the statement said. Moody's action reflects five months of strong production recovery at the projects after the national strikes in Venezuela, the stable outlook of state oil company PDVSA and the moderation of disruption of the oil sector in Venezuela. To read Moody's full report, see http://www.bnamericas.com/rc_search_detail.xsql?id_documento=39107&Tx_idioma=I