Fitch: Venezuela to negative

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

The outlook was revised to negative from stable.

The outlook revision reflects Venezuela's weakening policy framework, which has resulted in increased vulnerability to commodity price shocks and deterioration in fiscal and external credit metrics, as well as rising political uncertainty related to the 2012 electoral cycle, Fitch said.

The ratings are presently supported by its manageable debt-service profile and relative financing flexibility, the agency said.

The current environment of high oil prices reduces the probability of near-term financing stress, Fitch added.

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