Fitch affirms Venezuela

Fitch Ratings said it affirmed Venezuela's foreign-currency issuer default rating at B+, local-currency issuer default rating at B+, country ceiling at B+ and short-term issuer default rating at B.

The outlook is stable.

The ratings are underpinned by the country's manageable debt service profile, relative financing flexibility and good record of servicing debt even under political and economic stress in recent years, Fitch said.

In addition to international reserves, the sovereign has foreign-currency liquid assets that could be used for debt service, the agency said.

Venezuela's credit strengths are balanced by a volatile macroeconomic performance and an exchange regime that leads to lower growth, higher inflation and the deterioration of external credit metrics, Fitch said.

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