Moody’s cuts Cuba

Moody’s cuts Cuba

Corporate & Sovereign Strategy

Moody’s downgraded Cuba a notch to Caa2 on Wednesday, citing risks of a disorderly political transition and increasing susceptibility to shocks. Dependence on the increasingly unstable Venezuela, through the Petrocaribe oil trade agreement, has left the Caribbean sovereign vulnerable to a “sharp adjustment” in the cost of importing energy, said Moody’s. At the same time, there is “considerable uncertainty” around the country’s political economy, even though President Raúl Castro has said he will

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