Venezuela Long-Term Foreign Currency Rating Lowered To 'SD'
Foreign Currency: SD/--/D
Local Currency: CCC-/Watch Neg/C
For further details see Ratings List.
OVERVIEW
On Nov. 13, 2017, S&P Global Ratings lowered its long- and short-term foreign
currency sovereign credit ratings on the Bolivarian Republic of Venezuela to
'SD/D' from 'CC/C'. The long- and short-term local currency sovereign credit
ratings remain at 'CCC-/C' and are still on CreditWatch with negative
implications. At the same time, we lowered our issue ratings on Venezuela's
global bonds due 2019 and 2024 to 'D' from 'CC'. Our issue ratings on the
remainder of Venezuela's foreign currency senior unsecured debt remain at
'CC'. Finally, we affirmed our transfer and convertibility assessment on the
sovereign at 'CC'.
- 14-Nov-2017 00:52 GMT
Foreign Currency: SD/--/D
Local Currency: CCC-/Watch Neg/C
For further details see Ratings List.
OVERVIEW
- Venezuela failed to make $200 million in coupon payments for its global
bonds due 2019 and 2024 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' and the long-term foreign
currency sovereign credit rating on Venezuela to 'SD' from 'CC'. - The local currency sovereign credit 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.
On Nov. 13, 2017, S&P Global Ratings lowered its long- and short-term foreign
currency sovereign credit ratings on the Bolivarian Republic of Venezuela to
'SD/D' from 'CC/C'. The long- and short-term local currency sovereign credit
ratings remain at 'CCC-/C' and are still on CreditWatch with negative
implications. At the same time, we lowered our issue ratings on Venezuela's
global bonds due 2019 and 2024 to 'D' from 'CC'. Our issue ratings on the
remainder of Venezuela's foreign currency senior unsecured debt remain at
'CC'. Finally, we affirmed our transfer and convertibility assessment on the
sovereign at 'CC'.