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Financial News: VENEZUELA: S&P Affirms 'CCC-' Credit Note

VENEZUELA: S&P Affirms 'CCC-' Credit Note

09/26/2017 - 13:24:00 (RTTNews)

(RTTNews) - The credit risk rating agency Standard & Poor's (S & P) affirmed Venezuela's note at 'CCC-', with a negative outlook, citing the high risk of default, failure in the adoption of measures to stabilize the economy, the lack of basic items and political polarization, which may worsen the country's external liquidity and indebtedness.

"Measures to mitigate the growing political tension in Venezuela will reduce the risks of erosion of governance and high volatility in economic policy. That, along with the rapid and corrective reforms that begin to solve the country's economic imbalances and strengthen its external liquidity, we could affirm the ratings at their current level," S&P said in a statement.

Along with the affirmation of the credit note, S&P reported that it would stop classifying certain Venezuelan securities in the sequence of sanctions imposed by the US government last month. "We suspended the classification of these securities, in particular, because their maintenance could constitute a prohibited transaction according to the sanctions adopted by the government," S&P said. "We will re-establish the classification once the sanctions are suspended."

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