While Pemex's securitizations are booming the outlook for the other Latin oil conglomerate active in the international securitization markets, Petroleos de Venezuela (PDVSA), is not as bright.

Early this month, Moody's Investors Service lowered the senior unsecured debt rating of the company's PDVSA Finance Ltd future flow program from A3 to Baa1 citing the potential for increasing intervention by president Hugo Chavez's government.

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