S&P de­clares Venezuela in ‘se­lec­tive de­fault’

Philippine Daily Inquirer - - WORLD -

Stan­dard & Poor’s (S&P) de­clared Venezuela in “se­lec­tive de­fault” on Mon­day, af­ter it failed to make $200 mil­lion in pay­ments on its global bonds, be­com­ing the first credit rat­ings agency to do so. The agency said it acted af­ter a 30-day grace pe­riod had passed on pay­ments on two bonds. “We­have low­ered two is­sue rat­ings to ‘D’ (de­fault), and we low­ered the long-term for­eign cur­rency sov­er­eign credit rat­ing to ‘SD’ (se­lec­tive de­fault),” the agency said. S&P’s ver­dict came af­ter the Venezue­lan gov­ern­ment met with international cred­i­tors in Cara­cas but of­fered no con­crete plan for re­struc­tur­ing its $150-bil­lion debt.—

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