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Venezuela Rating Cut by Moody’s as Oil Plunge Hits Finances

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Venezuela had its credit rating cut by Moody’s Investors Service to the world’s worst among countries not in default, as falling oil prices strain a government already confronting food shortages and 64 percent inflation.

Moody’s cut Venezuela’s rating two levels to Caa3, according to a statement, putting it on par with Ukraine, racked by conflict with Russia-aligned rebels, and Jamaica, which has defaulted twice since 2010.