PDVSA Swap Seen Distressed, Positive for Venezuela: Moody’s

  • Exchange likely to be identified as credit event, Moody’s says
  • Oil co.’s swap positive for sovereign, frees up hard currency

The proposed bond swap by Venezuela’s state-owned oil company will probably be characterized as distressed and considered a credit event while still being positive for the sovereign’s debt, Moody’s Investors Service said.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.