S&P lowered to the default level of the duty of Venezuela in foreign currency

© AP Photo / Henny Ray AbramsЗдание headquarters of the rating Agency Standard & Poors in new York, USA. Archival photoS&P lowered to the default level of the duty of Venezuela in foreign currency© AP Photo / Henny Ray Abrams

International rating Agency Standard & Poors (S&P) on Monday evening lowered to the default level of the duty of Venezuela in foreign currency after a default schedule of interest payments.

According to the Agency, the decision was made after the failure to transfer $ 200 million official Caracas on global bonds maturing in 2019 and 2024. Meanwhile, at the end of last week, over a 30-day grace period for their payments.

In the end, the rating of debt liabilities of Venezuela in foreign currency downgraded to SD/D (selective default/default) in the short and long term. Debt liabilities of Venezuela in national currency, S&P left on a pre-default level.

In General, the Agency has assessed the possibility of occurrence of Venezuela during the period of suspension of payments in the next three months at 50%.

This comes amid the start of negotiations of the representatives of the Venezuelan authorities with investors on the restructuring of external debt of the country. The government declared a «complete success» the start of negotiations, while investors polled by Reuters said the process as futile.

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