Global Markets

Venezuela’s PDVSA credit rating cut to C

Credit rating agency Fitch cut Venezuelan state-owned giant PDVSA’s rating from ‘CC’ to ‘C’ on Tuesday.
By Staff reporter 8 November 2017 0 28298

Credit rating agency Fitch cut Venezuelan state-owned giant PDVSA’s rating from ‘CC’ to ‘C’ on Tuesday, with the country on the brink of a debt default.

The agency said the lower rating reflected missed payments on international bonds and cited the recent downgrading of Venezuela’s long-term foreign currency rating.

Despite growing civil unrest in Venezuela, production levels at the country’s giant La Perla gas field remain unaffected, Interfax Natural Gas Daily reported in August.