PDVSA Downgraded by S&P on ‘Distressed’ Bond Swap Proposal

  • Ratings agency downgrades rating on PDVSA to CC From CCC
  • Company wants to exchange bonds due in 2017 for 2020 debt

S&P Global Ratings downgraded Venezuela’s state oil company and said if a planned voluntary bond swap is carried through it would be “tantamount to default.”

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