Crisis-wracked Venezuela has defaulted on two bonds, failing to make a $183 million coupon payment, ratings agency S&P said Friday.
The agency said Caracas failed to make the payment within a 30-day grace period on global bonds due 2023 and 2028.
"In line with our criteria for timeliness of payments, we are lowering the issue ratings on these bonds toRead more
Standard & Poor's on Friday reduced Venezuela's long-term foreign currency rating to "CC" from "CCC-" anticipating probable default after President Nicolas Maduro announced restructuring of the nation's debt.
The decision followed a similar one from fellow ratings agency Fitch, which cut the long-term debt rating to "C" from "CC" based on the announcement as well as "previously missed payments" thatRead more
The Fitch ratings agency said Friday it has cut the rating on Venezuela's foreign debt after the government called for a creditors meeting to renegotiate a debt load estimated at $150 billion.
Fitch cut the debt grade to "C" from "CC" based on the announcement and on "previously missed payments" which "makes a default event highly probable," the company saidRead more