Ahora Venezuela belongs to…

July 29, 2006

Yesterday Moody’s announced that it was withdrawing the credit rating of PDVSA because it lacked information about the financial and operating state of the company. This is the revolution, after spending years saying that PDVSA was not transparent, they have turned it opaque. The slogan that now PDVSA belongs to everyone or the people is simply as hollow as we knew it would be.

By the way, the Reuters article says that PDVSA turned in the 2004 financials to the SEC in mid-2006. This is incorrect, PDVSA announced that it was doing it, but it has failed to it so far, as any check of the SEC Edgar database shows.

Amazingly enough, PDVSA responded by saying that they will send Moody’s any needed information and that they never recieved any request for information. Of course, they failed to mention that they did not comply with their legal obligation to turn in the 2004 financials by the three deadlines and extensions established by the SEC. These are the clowns running the country!

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