Titoli di Stato paesi-emergenti VENEZUELA e Petroleos de Venezuela - Cap. 1

[lotarone]

ieri ho aumentato notevolmente il ptf sempre con le 2014. pmc a 90,75 cambio 1,3564.
oggi buona risalita. il sito con le quotazioni reali è questo. Quando ho telefonato a iwbank per l'acquisto mi hanno dato le quotazioni den/let esatte del link sotto
https://www.boerse-stuttgart.de/rd/de/anleihen/factsheet?ID_NOTATION=68378730

 

[tommy271]

Il mio eseguito PDVSA 17 5.25% del 4/12 ore 13:04, prezzo 68,94, nominale 10.000 dollari, cambio del 5/12 1,36009.

Al momento, due ingressi, per un tot. di 20.000 dollari, PMC 70,68044.

Il precedente ingresso è stato con il dollaro a 1,3520

 

[tommy271]

S&P Lowers CITGO Petroleum Rating to ‘B+’; Outlook Negative


S&P views Houston-based refiner CITGO Petroleum Corp. as an insulated subsidiary to its Venezuelan parent Petroleos de Venezuela (PDVSA), currently rated ‘B’ with a negative outlook, and allows for a one notch separation between CITGO and PDVSA.






NEW YORK – Standard & Poor’s Ratings Services said on Friday it lowered its corporate credit rating on Houston-based CITGO Petroleum Corp. to ‘B+’ from ‘BB-’.

All related issue-level ratings on the company’s debt were also lowered by one notch in conjunction with the downgrade. The ratings were removed from CreditWatch, where the agency placed them with negative implications on Nov. 27, 2013. The rating outlook is negative. Recovery ratings on the company’s debt issues remain unchanged.

S&P bases its downgrade on the application of the group ratings methodology and its assessment of CITGO as an insulated subsidiary to its Venezuelan parent, PDVSA. The agency assesses the group credit profile of PDVSA at ‘b’, in line with its corporate credit rating on PDVSA. S&P believes the facts and circumstances warrant CITGO being rated one notch above PDVSA.

In its view, there could be scenarios in which PDVSA could incur financial distress but the creditworthiness of CITGO remain relatively unscathed. CITGO is severable from PDVSA, has independent financial prospects, and holds itself out as a separate entity. The cross-border ownership and the highly restrictive debt covenants at CITGO lower the probability of it being drawn into a potential PDVSA bankruptcy.

At the same time, S&P believes no more than one notch of separation is warranted given PDVSA’s full control over CITGO. There is no presence of independent directors or other structural ring-fencing features.

At the current rating level, the negative outlook on CITGO mirrors that on PDVSA. The outlook on PDVSA reflects that on Venezuela.

“We do not expect PDVSA’s relationship with the government to change significantly in the next two to three years,” said Standard & Poor’s credit analyst Nora Pickens. “We also believe that the government will not significantly reduce its heavy involvement in the sector or in the company. Therefore, the rating on PDVSA will likely follow the rating trajectory on the sovereign.”

S&P would revise the outlook on CITGO to stable in the event that the agency would do the same to the outlook on PDVSA. Similarly, it would likely downgrade CITGO if PDVSA were downgraded. Since CITGO’s SACP is ‘bb’, it is unlikely that it would lower CITGO’s rating due to company-specific factors.

 

[tommy271]

2:05 PM | VENEZUELA + MUNDO |

El ministro de Energía y Petróleos, Rafael Ramírez, informó este viernes que el barril del petróleo venezolano cerró la semana con un precio promedio de 96,42 dólares, más de un dólar y medio por encima del valor de la semana precedente, cuando registró un costo de 94,69 dólares.




REDACCIÓN ELINFORMADOR.COM.VE.- Petróleos de Venezuela (Pdvsa) indicó en su página web que el alza de los precios se debió “a expectativas más favorables sobre la demanda global, ante la publicación de datos positivos de la economía de Estados Unidos y China”.


Con el registro de esta semana, el precio de venta promedio en lo que va de año se sitúa en 100,25 dólares, por debajo de los 103,42 dólares del año pasado.


El barril de la cesta de la Organización de Países Exportadores de Petróleo (OPEP), de la que Venezuela es miembro fundador, cerró la semana con un valor de 107,81 dólares (106,91 dólares en la semana precedente), mientras que el barril Intermedio de Texas se situó en 95,43 dólares (93,44 dólares) y el Brent en 111,32 (111,02 dólares).


Venezuela produce unos 3 millones de barriles diarios y exporta unos 2,5 millones, principalmente a Estados Unidos y China.

 

[fabriziof]

S&P Lowers CITGO Petroleum Rating to ‘B+’; Outlook Negative


S&P views Houston-based refiner CITGO Petroleum Corp. as an insulated subsidiary to its Venezuelan parent Petroleos de Venezuela (PDVSA), currently rated ‘B’ with a negative outlook, and allows for a one notch separation between CITGO and PDVSA.






NEW YORK – Standard & Poor’s Ratings Services said on Friday it lowered its corporate credit rating on Houston-based CITGO Petroleum Corp. to ‘B+’ from ‘BB-’.

All related issue-level ratings on the company’s debt were also lowered by one notch in conjunction with the downgrade. The ratings were removed from CreditWatch, where the agency placed them with negative implications on Nov. 27, 2013. The rating outlook is negative. Recovery ratings on the company’s debt issues remain unchanged.

S&P bases its downgrade on the application of the group ratings methodology and its assessment of CITGO as an insulated subsidiary to its Venezuelan parent, PDVSA. The agency assesses the group credit profile of PDVSA at ‘b’, in line with its corporate credit rating on PDVSA. S&P believes the facts and circumstances warrant CITGO being rated one notch above PDVSA.

In its view, there could be scenarios in which PDVSA could incur financial distress but the creditworthiness of CITGO remain relatively unscathed. CITGO is severable from PDVSA, has independent financial prospects, and holds itself out as a separate entity. The cross-border ownership and the highly restrictive debt covenants at CITGO lower the probability of it being drawn into a potential PDVSA bankruptcy.

At the same time, S&P believes no more than one notch of separation is warranted given PDVSA’s full control over CITGO. There is no presence of independent directors or other structural ring-fencing features.

At the current rating level, the negative outlook on CITGO mirrors that on PDVSA. The outlook on PDVSA reflects that on Venezuela.

“We do not expect PDVSA’s relationship with the government to change significantly in the next two to three years,” said Standard & Poor’s credit analyst Nora Pickens. “We also believe that the government will not significantly reduce its heavy involvement in the sector or in the company. Therefore, the rating on PDVSA will likely follow the rating trajectory on the sovereign.”

S&P would revise the outlook on CITGO to stable in the event that the agency would do the same to the outlook on PDVSA. Similarly, it would likely downgrade CITGO if PDVSA were downgraded. Since CITGO’s SACP is ‘bb’, it is unlikely that it would lower CITGO’s rating due to company-specific factors.

Questo mi manca ,ne avevo parlato 6 mesi fa sul 3D Venezuela ,chi sa quanto quota

 

[gualberto]

Questo mi manca ,ne avevo parlato 6 mesi fa sul 3D Venezuela ,chi sa quanto quota

CITGO Petroleum 2017 USU17185AC00

se ne discuteva qui
http://www.investireoggi.it/forum/venezuela-operativo-titoli-di-stato-vt60027-153.html#post3518542

 

[tommy271]

Questo mi manca ,ne avevo parlato 6 mesi fa sul 3D Venezuela ,chi sa quanto quota

E' la consociata USA, come saprai.
Il downgrade segue le alterne vicende di PDVSA.

Sul 17 5.25% ho ancora 30K (in dollari) da spendere su questo titolo ... le quotazioni sembrano però avere un accenno verso l'alto (siamo sui minimi), bisogna vedere se il dollaro mi permetterà un'altra entrata.

Per il momento ho agguantato l'osso ... e non lo mollo facilmente

Per il resto vediamo come andranno le "amministrative" di domani. Un buon risultato di Maduro, unito ai poteri che si è assunto, potrebbero portare a qualche risultato positivo.
Finora ha fatto diversi passi falsi ... e non ha il carisma di Chavez.
Non resta che evocarlo come nei miti nord-coreani .

 

[tommy271]

Fitch Rates PDVSA’s Proposed US$4.5 Billion Issuance ‘B+/RR4’






CHICAGO – Fitch Ratings expects to rate Petroleos de Venezuela, S.A.’s (PDVSA) proposed senior unsecured debt issuance of up to US$4.5 billion at ‘B+/RR4’. The company plans to use the proceeds to refinance upcoming maturities and for general corporate purposes.

PDVSA’s credit quality reflects the company’s linkage to the government of Venezuela as a state-owned entity, combined with increased government control over business strategies and internal resources. This underscores the close link between the company’s credit profile and that of the sovereign. PDVSA’s ratings also consider the company’s strong balance sheet, sizeable proven hydrocarbon reserves, and strategic interests in international downstream assets.


Linkage to Sovereign


PDVSA’s credit quality is inextricably linked to the Venezuelan government. It is a state-owned entity whose royalties and tax payments have historically represented more than 50% of the government’s revenues. PDVSA is of strategic importance to the social policies of the country, as the government defined the company’s charter and mission statement to allow it to participate in industries that contribute to the country’s social development, including health care, education, and agriculture.


Stand-Alone Credit Profile Solid for Rating Category


PDVSA continues to be an important player in the global energy sector. The company’s competitive position is strong and supported by its reported sizeable proven hydrocarbon reserves, strategic interests in international downstream assets and private participation in upstream operations. The company also benefits from a strong balance sheet, which is in line with many of its competitors. These strong credit attributes are consistent with a higher rating category although sovereign related risks offset the strength of the financial profile and constrain the rating to that of the sovereign.


Cash Flow Affected By Transfers to Government


PDVSA’s cash flow generation is significantly affected by the large amount of funds transferred to the central government each year. During 2012, total transfers to central government and external parties amounted to more than US$60 billion, or approximately 48% of total reported revenues in the form of royalties, social development expenditures, oil bartering agreements, taxes and dividends. The high level of transfers to central government effectively renders PDVSA’s cash flow from operations (CFO) negative. The company partially offset the US$60 billion of cash outflow to the government in 2012 with US$40 billion of inflows labeled as taxes payable and other liabilities. This figure includes US$11 billion of additional Venezuelan treasury notes transferred to the company during 2012.


Moderate Leverage


PDVSA reported an EBITDA after royalties and social expenditure, which include most oil bartering agreements, of approximately US$20 billion and an FFO of US$26 billion during the last 12 months (LTM) ended June 30, 2013. Total financial debt as of June 30, 2013 increased to US$39 billion from US$35 billion as of year-end 2011. The company’s estimated leverage level of approximately 2.0x is low for the rating category, which is limited by credit quality of the Venezuelan government. Capital expenditures totaled approximately US$80 billion over the past four and a half years and might increase significantly if the company intensifies its exploration and production efforts on the Orinoco oil belt.


Limited Transparency


Venezuela’s government displays limited transparency in the administration and use of government-managed funds, and in fiscal operations. This poses challenges to accurately assess the stance of fiscal policy and the full financial strength of the sovereign. As a direct by-product of being a state-owned entity, PDVSA displays similar characteristics, which reinforces the linkage of its ratings to those of the sovereign. In 2012, the company reported a total crude production of approximately 3.0 million barrels per day (bbpd) while Energy Intelligence’s Petroleum Intelligence Weekly and British Petroleum’s (BP) Statistical Review of World Energy estimated production at around 2.5 million bbpd and 2.7 million bbpd, respectively.


Leverage to Remain Stable


Under Fitch’s base case, PDVSA’s leverage is projected to remain stable due to the government’s issuance of treasury notes that are given to the company to bolster its cash and equivalents position. This forecast is based upon oil prices of between US$90 per barrel and US$75. Fitch’s base case has capital expenditure levels below that of PDVSA, which is projecting capex to total US$236 billion through 2018. Fitch’s more conservative approach to capital expenditures is a result of PDVSA’s historical levels of investments, which have been around US$20 billion per year. Under Fitch’s stress case scenario, which is built upon conservative oil prices of USD65 to USD50 per barrel between 2014 and 2017, PDVSA’s leverage would deteriorate to about 5.0x.


Large Hydrocarbon Reserves


PDVSA’s reported hydrocarbon reserves continue to increase with proved hydrocarbon reserves of 332 billion barrels of oil equivalent (boe) (approximately 90% oil and 10% natural gas) and proved developed hydrocarbon reserves of 20 billion boe as of December 2012. This represents a 15-year proved developed reserve life, which is considered robust for the company’s rating level. All reserves are property of the Bolivarian Republic of Venezuela and not the company. These reserve levels are amongst the highest in the world and bodes well for PDVSA’s ability to maintain high output levels in the near- to medium-term.


Rating Sensitivities


Catalysts for an upgrade include an upgrade to Venezuela’s sovereign rating, real independence from the government and a sharp and extended commodity price upturn. Catalysts for a downgrade include a downgrade to Venezuela’s ratings, a substantial increase in leverage to finance capital expenditures or government spending and a sharp and extended commodity price downturn.

 

[tommy271]

Venezuela - Maduro avanti nelle municipali, opposizione vince a Caracas - OGGI NOTIZIE

 

[tommy271]

Come previsto, le dispense elargite danno buoni frutti . La campagna accerchia la città (Capriles).
Con il risultato in mano Maduro avrà meno alibi ... e dovrà darsi da fare.


Venezuela's Maduro to raise pressure on business after local vote | Reuters