Venezuela Declared in Default by S&P After Missing Bond Payments

14 Nov 2017   Venezuela

Grace period expired on $200 million of interest payments State oil company had already defaulted, Moody’s and Fitch say Venezuela, one of the world’s riskiest credits, was declared in default by S&P Global Ratings after missing two interest payments on its debt. The nation, home to the world’s largest oil reserves, owed investors about $200 million and failed to make those payments by the end of a 30-day grace period that expired over the weekend, S&P said in a statement in which it lowered the country’s rating to SD. Plagued with payment delays and running low on cash, it’s the first time in recent years the government has exceeded the buffer period on its bonds. State oil producer Petroleos de Venezuela SA had already been said to default by Fitch Ratings and Moody’s Investors Service. Venezuela has struggled with payment delays in recent months as U.S. sanctions imposed against […]

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