Venezuela failed to make $237 million in
coupon payments for its global bonds due 2025 and 2026 within the
30-calendar-day grace period. In line with our criteria for timeliness of
payments, we are lowering the issue ratings on these bonds to 'D' from 'CC'. We
are affirming the long-term foreign currency sovereign credit rating on
Venezuela at 'SD'. The local currency sovereign credit ratings and senior
unsecured issue ratings on Venezuela remain on CreditWatch with negative
implications, reflecting our view that the sovereign could again miss a payment
on its outstanding debt obligations or advance a distressed debt exchange
operation, equivalent to default, within the next three months. More…
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