Fitch cuts Venezuela

Fitch cuts Venezuela

Corporate & Sovereign Strategy

The sharp fall in oil prices and a low level of international reserves have prompted Fitch to cut Venezuela’s rating to CCC from B. “Venezuela's commodity dependence is high, as oil is expected to account for an estimated 92% of current external receipts and 50% of central government revenues in 2014. Low oil prices will erode the main source of FX for the economy,” the rating agency said. The downgrade comes amid fears that the Venezuelan government may default. “While the evidence points towar

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