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