Bloomberg News

Barclays Says ‘Very Strong’ PDVSA Earnings Support Credit

November 16, 2011

Nov. 16 (Bloomberg) -- “Very strong” earnings for state- oil company Petroleos de Venezuela SA, reported earlier this week by Fitch Ratings, are good for the South American company’s credit, Barclays Capital said today in a note to clients.

Fitch Ratings said Nov. 15 in a statement that PDVSA, as the Caracas-based company is called, reported earnings before interest, taxes, depreciation and amortization, known as Ebitda, of $32.1 billion for the 12-month period that ended June 30.

“Ebitda generation as of June was very strong even adjusted by social contributions,” Barclays analyst Juan Cruz said in an e-mailed report commenting on the numbers released by Fitch. “The fundamental picture remains very supportive of the PDVSA and Venezuela story.”

PDVSA hasn’t yet released its earnings report for the first half of 2011. Two spokesman for PDVSA didn’t return telephone calls to their office and cell phones seeking comment on the report.

--Editors: Robin Saponar, Jasmina Kelemen

To contact the reporter on this story: Nathan Crooks in Caracas at ncrooks@bloomberg.net

To contact the editor responsible for this story: Dale Crofts at dcrofts@bloomberg.net


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