Standard & Poor's declares Venezuela in partial default

Standard & Poor's declares Venezuela in partial default

Standard & Poor's declares Venezuela in partial default

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

The agency said it acted after a 30-day grace period had passed on payments on two bonds.

Venezuela's state-run oil company PDVSA has also been declared in default by rating agencies Fitch and Moody's.

Standard & Poor's declares a "selective default" when a country has failed to pay one or more of its financial obligations when it came due.

Emirates releases new advert fronted by Jeremy Clarkson
According to an official release, the First Class Suite is the result of a three-year long cooperation between both companies. Emirates president Tim Clark told Reuters that "the ownership here is concerned about continuation".

"We have lowered two issue ratings to "D" (default), and we lowered the long-term foreign currency sovereign credit rating to "SD" (selective default)", the agency said, adding that $420 million in payments on four other bonds were also overdue, but still within the grace period.

Beijing and Moscow have emerged as Venezuela's most reliable sources of funding, with China owed $28 billion and Russian Federation $8 billion.

President Nicolas Maduro's government had summoned creditors to Caracas for talks on Monday about restructuring Venezuela's $60 billion in outstanding bonds, but failed to present a concrete proposal.

Vice-president El Aissami blamed USA sanctions for delays to Venezuela's debt repayments.

Jurors Deadlocked In Trial Of NJ Senator Menendez
The judge likely will ask jurors individually on Monday if they saw the comments and whether they can still be impartial. Salomon Melgen, who's was charged with 76 counts of Medicare fraud for stealing up to $190 million from the program.

The US has designated vice president El Aissami himself a drug kingpin with whom US entities are barred from dealing.

Participants in the creditors' meeting said at least one attendee left the room when it became clear Mr Aissami would be leading it.

Now, as United States sanctions cut deeper into what's left of the economy, it's increasingly unclear how Venezuela will support itself.

American investors can't participate in a restructuring anway, as sanctions prohibit them from receiving new bonds that Venezuela would issue.

Ardern admits she may be seen as "an irritant" over Manus Island
Ms Ardern will be pressing Mr Turnbull again to accept New Zealand's offer to take 150 refugees from both Manus Island and Nauru. The crowd were watched by a dozen police but their demonstration ended peacefully.

Participants at the meeting told AFP that officials said the government meant to form working groups to evaluate short- and mid-term debt renegotiation proposals, but gave no specifics.

Related news