Sun.Star Cebu - - WORLD -

Stan­dard & Poor’s de­clared Venezuela in “se­lec­tive de­fault” 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. “We have 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. Par­tic­i­pants at the meet­ing said work­ing groups will be formed to eval­u­ate debt rene­go­ti­a­tion pro­pos­als, but gave no specifics.

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