S&P gives Venezuela bonds BB-

Standard & Poor's said it assigned its BB- long-term local currency rating to three Títulos de Interés Fijo bonds due between 2018 and 2020 that were recently issued by the Bolivarian Republic of Venezuela (BB-/stable/B sovereign credit ratings).

The bonds, which totaled Venezuelan bolivar 375 billion, each have a fixed interest rate of 9.875%, the agency said.

S&P added that the ratings on Venezuela are supported by a solid external liquidity and debt position while the ratings are constrained by weak institutions and a continued deterioration of the system of checks and balances.

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