Venezuelan-Owned Gas Station Citgo On Default Watch

Venezuela's biggest brand, Citgo, is now on death watch over at Fitch Ratings. The credit watchdogs just downgraded the gasoline station's credit rating to CCC from B-. It's on rating watch negative, meaning that the next step is a likely default of some kind over the next 12 months.  Venezuela faced a restricted default last month on at least three different bond issues, most related to Citgo's parent, oil major PDVSA. More…