Fitch Withdraws Ratings on Venezuelan Heavy Oil Projects

2008-07-18 22:57:06 -

- Fitch Ratings withdraws the rating on the Venezuelan Heavy Oil Projects (VHOPS):

--Cerro Negro Finance Ltd. (Cerro Negro)

--Petrozuata Finance Ltd. (Petrozuata)

--Sincrudos de Oriente Sincor, C.A. (Sincor)

--Petrolera Hamaca, S.A. (Hamaca)

Fitch rated the bonds of Cerro Negro and Petrozuata at 'CCC' and the bank loans of Sincor and Hamaca at 'B-'. The

rating has been withdrawn due to inadequate information.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.

Fitch Ratings
Azul del Villar, 212-908-0684 (New York)
Sam Kamath, 212-908-0552 (New York)
Carlos Fiorillo, 212-286-3356 (Venezuela)
Media Relations:
Brian Bertsch, 212-908-0549 (New York)