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Rafael Ramirez, former president of PDVSA, under investigation for corruption

Wednesday, February 1, 2017

PdVSA Default Ready To 'Make Venezuela Worse Again'

Nicholas Maduro is about to make Venezuela worse again.  According to Fitch Ratings, Venezuela’s oil firm, and the Socialist Party of Venezuela’s (PSUV) only viable printing press, is on the cusp of default. Fitch said on Tuesday that PdVSA faces a challenging 2017, regardless of oil prices. PdVSA is producing less oil than it has in years, has a weak cash position, and has a lot of debts due that it cannot pay on its own. Default is probable this year. If so, PdVSA bond prices face an average recovery rate of 31% to 50% of their value. More…

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