Global News

S&P cuts Venezuela's sovereign debt rating to 'selective default'

S&P cuts Venezuela's sovereign debt rating to 'selective default'

Venezuela accuses Washington of "attacking" its economy and denounces that the credit rating agencies, following the pattern of financial blockade undertaken by the Donald Trump administration, extol the reports that are devoid of any form of rigor and veracity, and intervene to hinder the country. President Nicolas Maduro's negotiating committee met with investors in Caracas on Monday but offered no firm proposals on its intention to alleviate crippling foreign debt.

S&P says Venezuela is also overdue on four other bond payments worth a total of $420m but that the grace period has not yet expired on those payments.

The Venezuelan government described the creditors' meeting as "a resounding success" and said that it would continue to service its debts.

"We would very likely consider any Venezuelan restructuring to be a distressed debt exchange and equivalent to default given the highly constrained external liquidity", S&P said.

In the past, despite the hardships its people suffer, Venezuela has used its foreign reserves to make bond payments.

"We have lowered two issue ratings to "D" (default), and we lowered the long-term foreign currency sovereign credit rating to "SD" (selective default)", the agency said.

Trump asked for Xi's help in UCLA players' shoplifting case in China
Kelly has been in touch with the families, the UCLA coaching staff and Chinese authorities, a source told the newspaper. The players could reportedly stay in the country for a "week or two".

The Maduro government had said it would make a $1.2-billion payment on a PDVSA bond on November 2, but it was unclear if the funds ever reached creditors.

Yesterday, as nervous, mainly US, creditors met in Caracas to find out what might happen to the US$ Venezuelan sovereign bonds they own, S&P downgraded these to "soon-to-default" status.

Venezuela's total external debt, which also includes loans from countries like Russian Federation and China, is thought to be as much as $140bn.

A default can be declared either by the major ratings agencies, big debt-holders or by the government itself.

Under the sanctions, no United States citizen can do business with Venezuelan individuals on the list.


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