Fitch affirms Venezuela's credit ratings at B-plus

* Says track record, debt profile underpin rating

* Strengths balance volatile macroeconomic performance

CARACAS, April 11 (Reuters) - Fitch affirmed Venezuela's B-plus credit ratings on Monday in a move that may comfort investors holding bonds that indicators consistently rank as having one of the highest default risks in the world.

Some analysts think a default is increasingly possible before President Hugo Chavez seeks re-election in December 2012, but most experts expect his socialist government to keep paying based on its good track record and soaring oil prices.

Fitch said despite problems with Venezuela's economic policies, its ratings were underpinned by its manageable debt service profile, range of financing options and its history of servicing debt even at times of political and economic stress.

"Venezuela's credit strengths are balanced by a volatile macroeconomic performance and an exchange regime that leads to lower growth, higher inflation and the deterioration of external credit metrics," it said. For details, see [ID:nWNA5910]

Significant strengthening of external solvency, policy adjustments that favored macroeconomic stability, and greater transparency in the use of government-managed funds would all be viewed positively in the future, it said.

Venezuela's central bank chief, Nelson Merentes, told Reuters this month there was no chance the South American nation would default on its foreign debts. [ID:nN01242649]

The government and state oil company PDVSA issued almost $14 billion in dollar-denominated bonds over the last year.

Investor appetite for risk is likely to remain supportive in the near future, analysts say, but moves late last year to accelerate Chavez's self-styled "21st century socialism" have caused some concern. [ID:nVEDECREES] (Reporting by Daniel Wallis; Editing by Frank Jack Daniel and Leslie Adler)