Venezuela defaults on sovereign debt, says S&P

Venezuela defaults on sovereign debt, says S&P

Global credit ratings agency Standard & Poor's has declared Venezuela to be in "selective default".

The decision capped off a day in which the government promised to keep paying its debts, but offered no firm proposals, at a conference in Caracas.

But that strategy could also backfire if it sparks aggressive legal challenges from overseas, including moves to seize assets of state oil company PDVSA, [PDVSA.UL] which is the cash-cow for Venezuela's socialist system.

The Venezuelan government described the creditors' meeting as "a resounding success" and said that it would continue to service its debts.

Standard & Poor, the first agency to say the country is in default, said the government had failed to make $200m payments for global bonds due in 2019 and 2024 within the grace period that expired over the weekend.

Under the sanctions, no USA citizen can do business with Venezuelan individuals on the list.

Instead, the head of the Venezuelan commission, Vice-President Tareck El Aissami, read a statement blaming sanctions imposed by the United States for Venezuela's difficulties in making the payments.

Texas Assistant District Attorney fired after rant aimed at Uber driver
Explained the victimized Uber driver , 'I didn't want to get her in trouble, ' before eventually demanding Warner to get out. Jody Warner Dallas prosecutor fired: Pictured, Texas Uber driver , Shaun Platt and his nightmare passenger from hell.

Four years of recession in the South American OPEC member, fueled by failing socialist economics and a plunge in global oil prices, has taken a punishing toll on Venezuelans.

The sanctions also impose a ban on USA entities buying any new Venezuelan debt issues, complicating the government's debt restructuring plan.

Industry body ISDA said it would reconvene on Tuesday to discuss whether PDVSA had triggered a credit default event through a late payment of its 2017N bonds.

"Our CreditWatch negative reflects our opinion that there is a one-in-two chance that Venezuela could default again within the next three months", said S&P.

On Sunday, Mr Maduro said in a televised address: "Venezuela will never default, it will never happen".

Fitch Ratings also downgraded PDVSA due to "payment default" on notes due on October 27 and November 2 after "processing delays that resulted in bondholders receiving principal payments up to one week after the due date".

The index measures the spreads of 13 Venezuelan sovereign bonds versus benchmark U.S. Treasuries.

Related Articles

  • Robbery at Bank of Baroda, thieves dug a 25 foot tunnel

    Robbery at Bank of Baroda, thieves dug a 25 foot tunnel

    The bank, incidentally, had not installed CCTV cameras in the locker room to protect the customer's privacy. When the customer and a bank officer entered the locker room, they found that 27 lockers had been looted.
    Earnings On Deck For The Home Depot, Inc

    Earnings On Deck For The Home Depot, Inc

    Home Depot stores cater to do-it-yourselfers, as well as home improvement, construction and building maintenance professionals. Home Depot had recorded $377 million in sales of storm-recovery merchandise in 2012 after Hurricanes Irene and Sandy.
    All You Need to Know about the Fitbit Ionic Heart Rate Tracker

    All You Need to Know about the Fitbit Ionic Heart Rate Tracker

    Therefore, you can turn the fitness tracker into a rather handy little communication device with the third-party apps. The battery lasts twice as long as Apple’s but it isn’t quite as long lasting as the Garmin Forerunner .
  • Why is Children's Day celebrated on November 14?

    Why is Children's Day celebrated on November 14?

    Nehru was born on November 14, 1889 and was fondly called Chacha Nehru. Here is one simple speech for school children, on " Children's day ".
    Christian Eriksen is Going to the World Cup (Ireland vs Denmark)

    Christian Eriksen is Going to the World Cup (Ireland vs Denmark)

    Not surprisingly, McClean, one of Ireland's better performers on the night, was distraught at the end of the game. That was why we created so many chances and were risky when we had the ball.
    The NBA's Top Pick Has Been Traded

    The NBA's Top Pick Has Been Traded

    Others think that he’ll continue to use the picks himself and construct a young core that can emerge after the Cavaliers vs. Fultz is an ideal scoring guard to run alongside him, and can also take over point guard duties if the Simmons experiment fails.
  • Congress Declares US Military Support of Saudi Arabia in Yemen War Unauthorized

    Congress Declares US Military Support of Saudi Arabia in Yemen War Unauthorized

    The Saudi closure had drawn worldwide condemnation and fears of a worsening humanitarian disaster in Yemen. The Houthis are said to be allied with Iran , though how much is in dispute.
    IFFI jury chief Sujoy Ghosh resigns

    IFFI jury chief Sujoy Ghosh resigns

    I am really disappointed and shocked to hear that it has been dropped". "I am not making films for the Indian government". Whenever uncensored films are screened, permission has to be taken from the I&B ministry with exemption certificate.
    Vikings QB Case Keenum throws TD pass, gets left out of celebration

    Vikings QB Case Keenum throws TD pass, gets left out of celebration

    This was an important game for both teams as they hoped to make a run during the second half of the season toward the playoffs. Diggs said he wanted to pay homage to service members, but the Vikings were penalized 15 yards for unsportsmanlike conduct.
  • Penney Company, Inc. (NYSE:JCP) Underpriced by 12.7%

    Penney news, EVP John Joseph Tighe III sold 38,756 shares of the business's stock in a transaction dated Friday, November 18th. As of the end of the quarter American International Group Inc had acquired 13,477 shares growing its holdings by 5.8%.
    MLB Awards: Diamondbacks' Torey Lovullo named 2017 NL Manager of the Year

    MLB Awards: Diamondbacks' Torey Lovullo named 2017 NL Manager of the Year

    Major League Baseball has named Diamondbacks manager Torey Lovullo the National League Manager of the Year for 2017. There was no sure-thing like when Aaron Judge and Cody Bellinger won the Rookie of the Year awards.
    Stove Top unveils new 'Thanksgiving Dinner Pants'

    Stove Top unveils new 'Thanksgiving Dinner Pants'

    They come in a maroon color with stuffing patterns on the pockets and waistband, and range from size small to extra large. But I can count on zero hands the number of times I wanted to wear my stuffing-love on my sleeve.