Standard and Poor's Rating Services confirmed Wednesday the ratings of Venezuelan debt issuance -"BB" for long-term issuance and "B" for short-term issuance. Also it upgraded the country's outlook from "positive" to "stable."

According to a press release in New York, the revision shows "continued improvement of indicators in Venezuela's public and foreign debt," AFP reported.

This comes along with "high oil prices that result in a current account surplus, bolstering in turn public sector external assets."