Fitch Ratings weighed in this morning on
the risk in Venezuela’s debt in light of a proposed swap, saying that the risk
of default is real even though the government has consistently met its
obligations. Bond rating competitor S&P Global downgraded Pdvsa Monday,
suggested a proposed debt swap is akin to default. This morning, oil is falling
on oversupply fears; Venezuela’s oil minister says the globe is roughly 10%
oversupplied. More…
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