S&P puts Petroleos de Venezuela on watch

S&P said it placed the ratings of Petroleos de Venezuela SA on CreditWatch with negative implications, including its CCC- corporate credit ratings.

The CreditWatch placement reflects the uncertainty about the company's ability to pay its upcoming debt maturity on its 2020 senior unsecured notes scheduled to be covered Oct. 27 for about $1 billion and the maturity of its 2017 senior unsecured notes scheduled to be covered Nov. 2 for about $1.2 billion, given the company's current sanctions and its already pressured liquidity position, the agency said.

The CreditWatch negative listing means the ratings could be lowered or affirmed in the next week, S&P said.

The agency said it expects to resolve the CreditWatch listing once the company either fails to pay its upcoming debt maturities on the scheduled date or if it pays them down.

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