S&P cuts Venezuela global bonds

S&P said it lowered Venezuela's global bonds due 2023 and 2028 to D from CC.

At the same time, the agency affirmed the long- and short-term foreign currency sovereign issuer credit ratings at SD/D.

The long- and short-term local currency sovereign credit ratings remain at CCC-/C and are still on CreditWatch with negative implications.

Other foreign currency senior unsecured debt issues not currently rated D are rated CC.

Venezuela failed to make $183 million in coupon payments for its global bonds due 2023 and 2028 within the 30-calendar-day grace period, S&P explained.

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