Venezuela Cut Deeper Into Junk by Fitch
- Fitch, S&P downgrade nation after Maduro talks restructuring
- Venezuelan default is ‘highly probable,’ Fitch Ratings says
RVX's Zucaro on Venezuela's Debt Overhaul Plan
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Venezuela’s credit grade was cut deeper into junk territory by Fitch Ratings and S&P Global Ratings Friday, after President Nicolas Maduro called for a restructuring of the nation’s global debt.
Fitch reduced the nation’s long-term foreign rating to C from CC and called a default "highly probable," according to a statement. S&P downgraded the sovereign and state run-oil company Petroleos de Venezuela to CC from CCC-, two notches from default. Moody’s Investors Service said earlier Friday that "losses could be significant" if a debt restructuring gets drawn out.