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Venezuela Credit Rating Lowered by Fitch Amid Oil Drop


Venezuela’s credit rating was lowered by Fitch Ratings, which cited the country’s low level of international reserves amid a 40 percent drop in the price the country receives for its oil exports in the past year.

Fitch cut Venezuela’s rating on foreign-currency bonds two levels to CCC, seven levels below investment grade. A sustained decline in oil prices and further deterioration in Venezuela’s international reserves may lead to another downgrade, Fitch said in a statement.