S&P affirms Venezuela

Standard & Poor's said it affirmed its BB- long- and B short-term sovereign credit ratings on the Bolivarian Republic of Venezuela.

The outlook on the long-term foreign currency rating was revised to positive from stable.

The ratings on Venezuela are supported by a solid external liquidity and debt position as the public sector's net external debt position to current account receipts remains strong, with a surplus of 47% in 2006, compared to a 2% net debtor position for the BB median, the agency said.

S&P added that the ratings are constrained by weak institutions and a continued deterioration of the system of checks and balances.

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