Venezuela govt says debt refinancing underway as S&P cites selective default

Ratings Agencies Cave: Venezuela Defaulted, Selectively

A meeting between Venezuela and its creditors on Monday ended without an agreement to restructure the country's debt, the same day the European Union adopted sanctions over its "political polarisation".

But Venezuela's unpaid obligations total $420 million, and four additional coupon payments are overdue but within their grace periods.

The Venezuelan government described the creditors' meeting as "a resounding success" and said that it would continue to service its debts.

One reason Venezuela has been surprisingly steadfast in making bond payments is because the government needs to protect the credibility of state-owned oil company PetrĂ³leos de Venezuela (PDVSA), its last lifeline for income.

"But they didn't give any concrete details on their plans, on what they hope to get".

S&P said it had lowered Venezuela's long-term foreign currency rating to "SD", and cut its long- and short-term foreign currency sovereign credit ratings on the Bolivarian Republic of Venezuela to "SD/D" from 'CC/C.

"We rate this meeting, in which Venezuelan debt holders from Venezuela, the United States, Panama, the United Kingdom, Portugal, Colombia, Chile, Argentina, Japan and Germany participated, as highly positive and very auspicious", the statement continued.

Saif Ali Khan gifts Taimur a swanky Jeep worth Rs 1.30 crore
His daughter Sara Ali Khan is all ready for her Bollywood debut in Abhishek Kapoor's Kedarnath opposite Sushant Singh Rajput. Of how he plans to make Children's Day celebration special for his kids, Saif said: "I think every day is Children's Day".

Three properties of Dawood Ibrahim auctioned in Mumbai
In the advertisement, the government listed five properties, of which two belong to the underworld don. Dawood purchased it when he took over Mastan's smuggling empire and renamed it Hotel Delhi Zaika.

Philippine protesters burn Swastika-shaped effigy of Donald Trump
President Donald Trump ended his swing through Asia hailing progress in advancing his goal of reducing the USA trade deficit. Trump says Modi has "become a friend of ours" and praising the Indian leader during their one-on-one meeting.

A committee of the International Swaps and Derivatives Association (ISDA), meanwhile, is weighing whether holders of PDVSA debt with default insurance - credit default swaps - can collect payment.

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

The so-called Determinations Committee for the Americas, comprised of 15 financial firms, met in NY following an initial gathering last Friday, "to discuss whether a Failure to Pay Credit Event had occurred" with respect to PDVSA, according to the ISDA.

But his options are very limited.

Maduro is also under fire internationally for marginalizing the opposition, which controls the parliament, and stifling independent media.

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

Related:

Comments

Latest news

American Midstream Partners, LP (AMID) to Issue Quarterly Dividend of $0.41
The stock of EnLink Midstream Partners LP (NYSE:ENLK) has "Equal-Weight" rating given on Wednesday, August 17 by Barclays Capital. Martin Midstream Partners L.P.is a limited partnership with a set of activities focused in the United States Gulf Coast region.

Georgian Excavation Site Holds the First Evidence of Wine Production
Telltale chemical signs of wine were discovered in eight jars, the oldest one dating from about 5,980 BC. The latest finds were published in the journal Proceedings of the National Academy of Sciences (PNAS ).

Hugh Jackman in Magnificent Full Trailer for 'The Greatest Showman'
Barnum, and this original musical explores Barnum's founding of the legendary Ringling Bros. and Barnum & Bailey Circus. The Oscar-winning team of Benj Pasek and Justin Paul ( La La Land ) wrote the film's original songs.

Conor McGregor pulled from UFC 219: Agent issues strong denial
In an interview with Dash Radio, De La Hoya even claimed that he could knockout McGregor within two rounds. De La Hoya, on the other hand, has been involved in some of the most lucrative fights of the century.

AWS Sells Chinese Cloud Assets Amid Tightening Regulations
Oracle, Microsoft and IBM also face hard new regulatory challenging for localizing their own data storage units. To comply with Chinese legislation, however, Amazon sold certain physical infrastructure to its local partner.

Honor 7X Available For Registration On Amazon
Seven registered Amazon.in users will win the bumper prize of holiday packages from Yatra worth Rs 75,000. Honor will also give away 150 10000mAh power banks and 850 earphones with mic to select amazon customers.

Tom Hanks's cameo on 'Last Week Tonight' that you probably missed
Hanks says with grave intensity in the fake trailer. "I know we can count on you, but I'm afraid this isn't a one-man job". After mocking the president's liking of Fox and Friends , Oliver said his show was going to be busy on its hiatus.

Android Distribution chart for November shows Oreo at 0.3%
Older Pixel and Nexus devices have been updated while other OEMs are in the very early stages of testing betas and previews. Google is likely to fix one of the biggest storage issues on its Android devices with a new feature in Android 8.1 Oreo.

Jimmy Fallon pays tearful tribute to his mother
The presenter said everyone at the show would "continue to work really hard to bring some light and some laughter into the world". Fallon expressed gratitude for all the support he had received all week long.

Apple approves app to fix annoying display feature of new iPhone X
Customers who have picked up the latest model have also argued that the notch isn't actually that noticeable once you're using it. While it may be a Godsend for some, the app doesn't really remove the notch.

Conservatives Try to Sneak 'Religious Freedom' Into Australia's Marriage Bill
Australia has edged closer to legalising same-sex marriage with a diverse group of cross-party senators backing a Liberal senator's bill to change the law.

Diabetes a very real danger for women
If you have a hypo, you need to eat something sugary as soon as possible - fruit juice, non-diet cola, candies or glucose tablets. Packed with potassium, magnesium, iron, vitamin B6, A, C, nitrate, fiber, beetroots help in managing diabetes.

Redskins receiver Jamison Crowder returning from injury against Vikings
Diggs said he wanted to pay homage to service members, but the Vikings were penalized 15 yards for unsportsmanlike conduct. Next week, a very tough Los Angeles Rams team comes to town and will battle the Purple in a battle of divisional leaders.

What Are Analysts Saying About The Home Depot Inc's (HD) Growth?
The rating was maintained by Maxim Group with "Buy" on Thursday, August 3. (The) in a report on Wednesday, August 16th. Following the sale, the executive vice president now owns 64,810 shares of the company's stock, valued at $9,877,044.

Actor Tom Sizemore accused of molesting 11-year-old child
Sizemore also allegedly spoke with the family and said, "I've done a lot of bad things, and I'd never do anything with kids". Stephen Rice , a representative for the actor responded to the allegations with, " Our position is 'no comment '".

Other news