Major U.S. oil
companies could face another financial setback now that Standard & Poor’s
has declared Venezuela to be in “selective default” after the country failed to
make $200 million in repayments on its foreign debt. Venezuela has been in an
economic crisis for years with many corporations posting big write downs and
deciding to reduce their exposure or even exit the country entirely, including
General Motors (NYSE:GM), Goodyear (NASDAQ:GT) and Pepsi Co (NYSE:PEP). Now,
even after agreeing to take promissory notes, or IOU’s, from Venezuela, oil
service companies could be the next to take a hit. More…
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