Citgo credit rating at risk amid Venezuela crisis: S&P

In the wake of the government and state oil company PDVSA defaulting on debt payments, S&P put the ratings of Citgo Holdings and Citgo Petroleum on "CreditWatch with developing implications." The move indicates a ratings move is likely in the next 90 days. And while Citgo's debt is graded separately from its parent company, S&P cited "heightened uncertainty regarding the separation between CITGO" and PDVSA. And while it is possible the situation will develop favorably for Citgo's "B-" debt rating, "we believe that it is somewhat more likely to be negative than positive." More…