S&P affirms Venezuela

S&P said it removed its long- and short-term local currency sovereign credit ratings on Venezuela from CreditWatch with negative implications and affirmed them at CCC-/C.

The outlook is negative.

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

“Following Venezuela's recent presidential election, we continue to expect erratic economic and fiscal policies fueling the economic crisis, hyperinflation, major institutional breakdown and severe social unrest,” S&P said in a news release.

“The Venezuelan government will continue its monetary financing, making less uncertain the timing of default on its domestic debt issuances.”

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