S&P ups Venezuela to B

Standard & Poor's said it raised its long- and short-term foreign currency sovereign credit ratings on the Bolivarian Republic of Venezuela to B from SD following payment of the oil-indexed payment obligation that was due Oct. 15.

S&P said no further delay is expected on payment of the oil-indexed payment obligations, as the government has reinstated the flow of information to the calculation agent.

Political polarization, weak institutions with limited checks and balances, a large fiscal deficit despite high oil prices and structural economic deficiencies resulting from the continued high and growing dependence on oil continue to constrain the ratings on Venezuela, the ratings agency said.

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