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Moody's rates Venezuela as B1

Moody's Investors Service assigned Wednesday to State-run oil holding Petróleos de Venezuela (Pdvsa) a rating of B1 both as global local currency a foreign currency issuer with a stable outlook.

Moody's withdrew Pdvsa's ratings last year, in response to the company's de-registration with the SEC and protracted delays in the receipt of timely and transparent financial information, Reuters quoted.

Since then, Pdvsa has produced updated audited financial statements for fiscal years 2004 and 2005 under International Financial Reporting Standards (IFRS) and interim unaudited results for 2006.

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Venezuelan government gives aid to farmers hit by rains

02:57 PM. HEAVY RAINS. Venezuelan Executive Vice-President Elias Jaua reported that the government is designing plans to support farmers, cattlemen and peasants of the state of Mérida who have been hit by heavy rains that have caused crop losses.