Skip to content
Subscriber Only

Venezuela Credit Rating Lowered by Fitch Amid Oil Drop

Corrected

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.