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S&P cuts Venezuela ratings
by hlk Mon 22 Aug 2011, 13:40
NEW YORK: US ratings agency Standard & Poor's downgraded Venezuela's foreign and local currency sovereign ratings by one notch Friday, citing the country's political risk as a credit weakness.
It cut the ratings from BB- to B+ with a stable outlook, saying the decision "reflects our recently revised sovereign rating methodology's heavier weight on political risk, which is a credit weakness for Venezuela."
S&P said its outlook also weighed both the negative impact of the Chavez government's interventionist investment and growth policies on the one hand, along with the country's modest fiscal and external positions. -- AFP
It cut the ratings from BB- to B+ with a stable outlook, saying the decision "reflects our recently revised sovereign rating methodology's heavier weight on political risk, which is a credit weakness for Venezuela."
S&P said its outlook also weighed both the negative impact of the Chavez government's interventionist investment and growth policies on the one hand, along with the country's modest fiscal and external positions. -- AFP
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