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Venezuela Cut Deeper Into Junk by Fitch on `Probable' Default

  • Nation’s senior debt downgraded to CC from CCC by Fitch
  • Ratings company says U.S. sanctions increase default odds

The world’s riskiest credit continued its downward spiral after Fitch Ratings lowered Venezuela’s grade deeper into junk, saying additional U.S. sanctions increase the probability of non-payment.

Fitch reduced the nation’s long-term foreign and local currency ratings to CC, just two notches from default, from CCC on Wednesday. S&P Global Ratings and Moody’s Investors Service also rank the country at speculative levels.