The world’s riskiest credit got another jolt after S&P
Global Ratings lowered Venezuela’s rating deeper into junk as the economy
spirals down amid heightened political tension. S&P reduced the nation’s
long-term foreign and local currency ratings to CCC-, or three notches below
investment grade, from CCC on Tuesday. The New York-based company kept its
negative outlook for Venezuela, signaling room for further downgrades. Fitch
Ratings and Moody’s Investors Service also rank the country at speculative
levels. "Recent developments have
raised the risk of default, including through a debt exchange that we would
view as a distressed exchange, within the next six months, absent unanticipated
significant improvement in Venezuela’s economic and political conditions,"
S&P analysts led by Manuel Orozco wrote in a statement on Tuesday. More…
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