Bloomberg reported on Tuesday that Venezuela was declared in default by S&P Global Ratings after missing two interest payments on its debt.
“Venezuela has struggled with payment delays in recent months as U.S. sanctions imposed against the nation created hurdles in the payment chain. With reserves near a 15-year low, officials have called for a renegotiation of all the country’s global debt, and bondholders were invited to Caracas on Monday for a meeting with government officials.”
Moody’s has a negative outlook on its rating, “reflecting our view that the sovereign could again miss a payment on its outstanding debt obligations or advance a distressed-debt exchange operation, equivalent to default, within the next three months,” the company said.
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