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Financial News: PDVSA: Moody's Downgrades Ratings To Ca, From Caa3

PDVSA: Moody's Downgrades Ratings To Ca, From Caa3

11/07/2017 - 16:22:00 (RTTNews)

(RTTNews) - Credit risk rating agency Moody's downgraded Venezuela's state-owned oil company PDVSA to Ca, from Caa3, with a negative outlook, claiming a default in one of the company's debt bonds.

"The rating actions were triggered by the payment default on November 2, when PDVSA was expected to pay US$ 1.169 billion in principal related to 2017 notes, and by the company's significant financial stress, which is derived from its limited ability to generate cash to meet short-term obligations and fund sufficient capital investments to sustain production and asset quality", said Nymia Almeida, a senior credit officer at Moody's.

On November 1, the Venezuelan President, Nicolás Maduro, announced that his government would initiate a restructuring and refinancing of the country's foreign debt, including PDVSA's.

On November 3, PDVSA announced that it had begun the banking transfers to the JP Morgan corresponding to the payment of principal and interest of its bonds expiring this year. PDVSA's transfers totaled US$ 1.121 billion, within the framework of compliance with its schedule of financial obligations, the government said.

In Moody's assessment, PDVSA would "default on other short-term debt obligations given its significant financial stress and the Venezuelan government's stated intention to restructure its debt."

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