Venezuela Declared in Default by S&P After Missing Bond Payments

Fabio Rodrigues Pozzebom  ABr
Nicolás Maduro

Fabio Rodrigues Pozzebom ABr Nicolás Maduro

The US agency's action came after Vice President Tareck El Aissami met with creditors in Caracas Monday but offered no way out of the impasse.

The agency says "there is a one-in-two chance that Venezuela could default again within the next three months".

A negative or inconclusive result could speed the country's descent on a slippery slope towards a default that might see slighted creditors trying to grab assets overseas belonging to Venezuela and its state oil company PDVSA.

President Maduro confused investors this month with a vow to continue paying Venezuela's crippling debt, while also seeking to restructure and refinance it.

Venezuelan sovereign debt was mainly a touch firmer but some PDVSA bonds fell further, with the 2035 bond down 1.2 cents, the 2027 bond down 1.4 cents and the 2021 issue down 1.5 cents.

The International Swaps & Derivatives Association will meet Tuesday to discuss whether a week-long delay on bond payments from the state oil company will trigger default-insurance contracts on those securities.

The so-called Determinations Committee for the Americas, comprised of 15 financial firms, met in NY following an initial gathering last Friday, "to discuss whether a Failure to Pay Credit Event had occurred" with respect to PDVSA, according to the ISDA.

Tiemoue Bakayoko: France's midfield options 'aren't better than me'
Bakayoko is right to feel aggrieved, but questioning your manager's decision making is not the right way to go about it. This claim has surprised many a Chelsea fans and neutrals as well.

There's still hope for restructuring with only some issues in peril.

Late Sunday, Maduro struck a defiant tone, insisting in remarks carried on state television that his country would "never" default and pointed to ongoing negotiations with China and Russian Federation.

It has less than United States dollars 10 billion left in hard currency reserves, and yet it must make USD 1.4 billion in debt payments before the end of the year, and another $8 billion next year.

The nation, home to the world's largest oil reserves, owed investors about $200 million and failed to make those payments by the end of a 30-day grace period that expired over the weekend, S&P said in a statement in which it lowered the country's rating to SD.

A default can be declared in several ways: by the major ratings agencies, big debt-holders, or by the government itself.

In announcing its own sanctions on Monday, the European Union said the new measures were aimed at "underscoring its concerns with the situation in the country".

"As the Venezuelan economy continues to crumble, the situation will likely only worsen especially as the country is at risk of defaulting on its debt", the USA delegation said in a document calling the meeting.

Noticias recomendadas

  • Manchester United confident Phil Jones will be fit for Newcastle United clash

    Jones has established himself as first-choice under José Mourinho, and if the 25-year-old can play it will be a major boost for the manager, with United having lost their last game before the global break, 1-0 at Chelsea.
    Vikings WR Adam Thielen continues stellar season in win over Redskins

    Vikings WR Adam Thielen continues stellar season in win over Redskins

    Diggs said he wanted to pay homage to service members, but the Vikings were penalized 15 yards for unsportsmanlike conduct. Afterward, he praised everyone from his neighbors in Liberty City, Fla., to locker room neighbor Keenum.
    Lidl Now UK's Fastest Growing Supermarket For Fifth Consecutive Period

    Lidl Now UK's Fastest Growing Supermarket For Fifth Consecutive Period

    Sales at Iceland increased by 1.1 per cent, with share falling slightly to 2.0 per cent - down from 2.1 per cent past year . Discounter Lidl was Britain's fastest growing supermarket for the fifth straight period with sales up 15.1%.
  • Zlatan celebrates Sweden's qualification for 2018 World Cup

    We can think of one person who is most definitely revelling in all this feverish Zlatan chatter, and his name begins with a "Z". But after making good progress during his recovery, he's re-signed a new contract with the club.
    Tailwinds From The Hurricanes To Boost Home Depot's Sales

    Tailwinds From The Hurricanes To Boost Home Depot's Sales

    Comparable sales are now predicted to climb 6.5 percent, compared to prior estimates calling for an increase of 5.5 percent. UBS maintained the shares of HD in report on Wednesday, November 18 with "Buy" rating. (The) by 16.2% in the 2nd quarter.

    Ace Attorney Switch Compilations Rumored For 2018 Release

    Granted, that doesn't mean we're getting Dead Rising 4 or Okami HD for it - yet - but you never know. Phoenix Wright is said to be the protagonist, and there will be five cases at launch.
  • OnePlus left a backdoor in its devices with root access

    OnePlus left a backdoor in its devices with root access

    In this app, the developer has found activity known as "DiagEnabled", if enabled with a specific password, grants the root access. The app can diagnose Global Positioning System , check the root status, perform a series of automated tests, and more.
    The Gaslamp Killer Files Defamation Suit Against Rape Accusers

    The Gaslamp Killer Files Defamation Suit Against Rape Accusers

    The Gaslamp Killer , real name William Bensussen , is suing a woman who last month accused him of raping both her and a friend. In an ensuing proclamation, Bensussen denied assault, saying that he and the two ladies had consensually had intercourse.
    The President Of The Philippines Sang A Love Song For Donald Trump

    The President Of The Philippines Sang A Love Song For Donald Trump

    His government says the police act in self defence but critics say executions are taking place with no accountability. Duterte has been embroiled in controversies ever since he took the Philippines' presidential seat in June a year ago .
  • La Cuarta anuncia el fin de la clásica

    La Cuarta anuncia el fin de la clásica "Bomba 4"

    En el último tiempo incluso abrió una sección titulada " Linda, libre y loca " en donde se tocan temas relativos al feminismo y la igualdad de género.
    Chivas pasa por encima del América y jugará la Final femenil

    Chivas pasa por encima del América y jugará la Final femenil

    Las rojiblancas empataron 2-2 ante el América , llevándose por marcador global 6-4 el primer Clásico femenil de la reciente liga.

    Israel tiene las manos libres para ataques a Siria — Netanyahu

    El primer ministro de Israel, Benjamin Netanyahu, dijo hoy que informó a Estados Unidos y a Rusia que Israel seguirá realizando operaciones militares en Siria.

Nos complace brindar esta oportunidad para compartir información, experiencias y observaciones sobre lo que está en las noticias.
Algunos de los comentarios se pueden reimprimir en otras partes del sitio o en el periódico.
Gracias por tomarse el tiempo para ofrecer sus pensamientos.