Ratings Agencies Cave: Venezuela Defaulted, Selectively

Ratings Agencies Cave: Venezuela Defaulted, Selectively

Venezuela accuses Washington of "attacking" its economy and denounces that the credit rating agencies, following the pattern of financial blockade undertaken by the Donald Trump administration, extol the reports that are devoid of any form of rigor and veracity, and intervene to hinder the country.

Venezuelan government representatives met with creditors to try and renegotiate the debt, an initial meeting from which no agreements or concrete proposals emerged and at which the Nicolas Maduro administration informed its creditors of its limitations to pay.

Besides the two bond payments it has defaulted on, Venezuela is overdue on four other debt payments but they were still within the 30 day grace period, S&P said. He insisted, however, the OPEC nation would continue to service its debts.

"They didn't give any concrete details on their plans, on what they hope to get", Geronimo Mansutti, from the Rendivalores brokerage, told AFP.

S&P said there was "a one-in-two chance that Venezuela could default again within the next three months".

Ratings on those bonds also will be lowered to "D", of default, if not paid on time, it said.

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Instead, the head of the Venezuelan commission, Vice-President Tareck El Aissami, read a statement blaming sanctions imposed by the United States for Venezuela's difficulties in making the payments.

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

"We also believe the Venezuelan government and people have the ability to handle the debt issue of their country", Geng said.

A default can be declared either by the major ratings agencies, big debt-holders or by the government itself.

The US called an informal meeting of the UN Security Council, where US Ambassador Nikki Haley slammed Venezuela as an "increasingly violent narco-state" that poses a threat to world security.

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