Venezuela had its credit rating lowered by Standard & Poor’s (XOP), which cited the country’s slumping economy and soaring inflation.
S&P cut Venezuela’s long-term rating by one level to CCC+, seven levels below investment grade, from B-. The outlook is negative, S&P said yesterday in a statement.
“The downgrade is based on continued economic deterioration, including rising inflation and falling external liquidity, and the declining likelihood that the government will implement timely corrective steps to staunch it,” S&P analyst Sebastian Briozzo said in the statement. “The government could come under greater strain to service its rising level of external debt.”
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