Sept 19 (Reuters) - Fitch:
* Expects to assign a 'CCC/RR4(exp)' rating to Petroleos De Venezuela S.A.'s (PDVSA) up to usd7.1 billion of proposed senior secured notes
* Fitch says PDVSA's 'CCC' rating suggests a real possibility of default
* If a restructuring occurs, anticipates average recovery for PDVSA's bondholders of 31%-50%, and likely closer to lower end of range
* PDVSA's current liquidity position is believed to be weak as a result of current low oil price environment and transfers to central government
* Fitch expects to rate PDVSA's proposed notes 'ccc/rr4'
* PDVSA's credit quality reflects Co's linkage to government of Venezuela as state-owned entity
* PDVSA's credit quality reflects increased government control over business strategies and internal resources Source text for Eikon: Further company coverage: