Moody's drops PDVSA

Moody's drops PDVSA

Debt Capital Markets Corporate & Sovereign Strategy Energy Politics Venezuela

Moody's said it has withdrawn the credit ratings for Venezuela's state-owned oil company PDVSA "for its own business reasons."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 cents

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