February 21, 2019 |
Moody's said it has withdrawn the credit ratings for Venezuela's state-owned oil company PDVSA "for its own business reasons."
The move sent PDVSA's bond prices even lower, with investors betting on the chances that the oil company will default as the US government pressures Venezuela's President Nicolás Maduro to step down.
"PDVSA continues to get worse," said a debt capital markets banker in New York. "Its 2021s are trading at 26 cents on the dollar and Venezuela's sovereign bonds at 30 cent
Agency withdraws C rating for "business reasons" and sends the Venezuelan oil company's bond prices even lower