Credit firm lowers Citgo rating

(Tulsa-AP) -- One agency has downgraded Citgo Petroleum's credit rating from speculative to highly speculative. <br><br>Fitch Ratings points to the impact an oil strike in Venezuela has had on the

Saturday, February 8th 2003, 12:00 am

By: News On 6

(Tulsa-AP) -- One agency has downgraded Citgo Petroleum's credit rating from speculative to highly speculative.

Fitch Ratings points to the impact an oil strike in Venezuela has had on the financial flexibility of Citgo and its parent.

Tulsa-based Citgo is owned by P-D-V America, a subsidiary of Venezuela's state-owned oil company, Petroleos de Venezuela.

Fitch says the downgrade reflects Citgo's tight liquidity as well as the potential use of proceeds from the proposed bond offering to help pay P-D-V America's maturing debt in August.