S&P Slashes PDV Credit Rating

摘要

Standard & Poor's this week downgraded the corporate credit rating for Venezuela's troubled national oil company Petroleos de Venezuela (PDV) from CC to SD, or 'selective default,' as a result of the firm's recent bond-exchange offer. S&P said that the bond swap -- in which PDV sought to trade about $7.1 billion in bonds maturing next year for new, higher-interest bonds that mature in 2020 -- represented a distressed exchange because 'investors will receive less than what was promised on the original securities' and because of PDV's likely default next year when its existing notes come due.