Fitch drops Venezuela

Fitch Ratings said it has downgraded the Bolivarian Republic of Venezuela's long-term foreign and local currency issuer default ratings to B+ from BB-.

The ratings outlook for both issuer default ratings is stable.

Fitch said it has also lowered the country ceiling rating to B+ from BB- while the short-term foreign currency issuer default rating is affirmed at B.

In addition, the agency said that the following individual bond ratings are downgraded: global uncollateralized foreign currency bonds to B+/RR4 from BB-; local currency uncollateralized bonds to B+/RR4 from BB-; collateralized dollar par and discount Brady bonds to BB-/RR3 from BB/RR3; collateralized foreign currency discount Brady bonds to BB/RR2 from BB+/RR2; collateralized foreign currency par Brady bonds to BB/RR2 from BB+/RR2; and collateralized foreign currency par Brady bonds to BB-/RR3 from BB/RR3.

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