Fitch downgrades Pdvsa, debt to B

Fitch Ratings said it downgraded Petroleos de Venezuela, SA's (Pdvsa) foreign and local currency issuer default ratings to B from B+ with a negative outlook.

The agency also downgraded roughly $26.4 billion of senior unsecured debt outstanding to B/RR4 from B+/RR4 and affirmed Pdvsa's national long-term rating at AAA(ven).

Fitch said the downgrade follows the March 25 downgrade of the sovereign ratings of Venezuela to B from B+ with a negative outlook.

The downgrade of the sovereign reflects heightened macroeconomic instability and delays in the implementation of policies to address rising inflation and distortions in the foreign exchange market and the deterioration in Venezuela's external accounts.

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