S&P downgrades Venezuela long term credit rating to CCC

S&P said Venezuela's economy could shrink 7% this year, with further contraction possible in 2016. It added inflation could reach 100% or more this year, primarily as a result of continuing shortages of basic goods. “We believe pressure is growing for the government to reschedule some of its market debt or undertake a liability management operation to refinance some of its maturing debt over the next year or two,” S&P said in a statement. More…