Moody’s Downgrades PDVSA As Venezuela Default Looms

Moody’s Investors Service has downgraded Venezuelan state oil company PDVSA amid mounting speculation of an imminent corporate default. Moody’s lowered PDVSA’s bond credit ratings to ‘Ca’ from ‘Caa3’ and also demoted the company’s baseline credit assessment (BCA) to ‘ca’ from ‘caa3,’ the New York-based agency said on Tuesday. The firm’s outlook remained negative. More…