Crippled Venezuela on verge of default after ratings agencies Fitch and S&P pile on the pressure

Credit ratings agencies are piling pressure on Venezuela as the country slides towards a messy $89bn (£68.06bn) debt default. Fitch and S&P both downgraded the credit rating of Latin America’s top oil exporter deeper into “junk” territory after President Nicolas Maduro said the country’s foreign debts would be “restructured and refinanced”. Fitch slapped a CC rating on Venezuela’s overseas debt and said a default was now “highly probable”. S&P said there was an even chance of the country reneging on its financial obligations in the next three months. More…