Venezuela debt defaults pile up with fresh S&P warning
agency S&P Global
Caracas - Egypt Today
Venezuela moved closer to a possible all-out default on Wednesday, with ratings agency S&P Global saying the country had failed to make repayments on two more loans.
The oil-rich, cash-poor South American country failed to make $237 million in payments on bonds due 2025 and 2026, now past their 30-day grace period, the US ratings firm said in a statement.
It warned of a "one-in-two chance that Venezuela could default again within the next three months."
"Two additional coupon payments are overdue, but within their grace period. We could lower the ratings on the following issues to 'D' if the government fails to pay within the stated grace period," S&P Global said.
It and other ratings agencies had already declared Venezuela and state-owned oil company PDVSA to be in "selective default" due to the late payments on multiple bond issues.
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