S&P affirms Venezuela

Standard & Poor’s said it affirmed its CCC long-term foreign and local currency sovereign credit ratings on the Bolivarian Republic of Venezuela. The outlook on both long-term ratings remains negative.

S&P also affirmed the C short-term foreign and local currency ratings. In addition, the agency affirmed the CCC transfer and convertibility assessment on the sovereign.

“Our CCC rating on Venezuela signals that we believe the sovereign will default absent an unforeseen positive development,” S&P said in a news release.

“On Feb. 26, 2016, Venezuela paid $1.5 billion on an external bond, and the central government’s external debt servicing is light for the remainder of 2016. The rest of Venezuela’s credit profile, however, reveals deep distress.”

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