Research Update: Petroleos de Venezuela Debt Rating On 2026 Senior Unsecured Notes Lowered To 'D' From 'CC' On Missed Interest Payment - S&P Global Ratings’ Credit Research

Research Update: Petroleos de Venezuela Debt Rating On 2026 Senior Unsecured Notes Lowered To 'D' From 'CC' On Missed Interest Payment

Research Update: Petroleos de Venezuela Debt Rating On 2026 Senior Unsecured Notes Lowered To 'D' From 'CC' On Missed Interest Payment - S&P Global Ratings’ Credit Research
Research Update: Petroleos de Venezuela Debt Rating On 2026 Senior Unsecured Notes Lowered To 'D' From 'CC' On Missed Interest Payment
Published Dec 18, 2017
5 pages (1497 words) — Published Dec 18, 2017
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

Venezuela-based oil and gas company PDVSA failed to make the interest payment on its 2026 senior unsecured notes within the 30 calendar day grace period, which expired on Dec. 15, 2017. In line with our criteria for timeliness of payments, we're lowering the issue-level rating on the company's bonds to 'D' from 'CC'. On Dec. 18, 2017, S&P Global Ratings lowered its issue-level rating on Petroleos de Venezuela S.A.'s (PDVSA) senior unsecured notes due 2026 to 'D' from 'CC'. PDVSA hasn't met the coupon payment on its 2026 notes within the 30 calendar day grace period (or the bondholders hadn't received the funds by that date), constituting an event of default under our methodology (please see " Methodology: Timeliness Of

  
Brief Excerpt:

...Venezuela-based oil and gas company PDVSA failed to make the interest payment on its 2026 senior unsecured notes within the 30 calendar day grace period, which expired on Dec. 15, 2017....

  
Report Type:

Research Update

Ticker
PDVSA@VC
Issuer
Petroleos de Venezuela S.A.
GICS
Integrated Oil & Gas (10102010)
Sector
Global Issuers
Country
Venezuela
Region
Latin America
Format:
PDF Adobe Acrobat
Buy Now

More from S&P Global Ratings’ Credit Research

S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

About the Author


Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Research Update: Petroleos de Venezuela Debt Rating On 2026 Senior Unsecured Notes Lowered To 'D' From 'CC' On Missed Interest Payment" Dec 18, 2017. Alacra Store. May 21, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Petroleos-de-Venezuela-Debt-Rating-On-2026-Senior-Unsecured-Notes-Lowered-To-D-From-CC-On-Missed-Interest-Payment-1972572>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: Petroleos de Venezuela Debt Rating On 2026 Senior Unsecured Notes Lowered To 'D' From 'CC' On Missed Interest Payment Dec 18, 2017. New York, NY: Alacra Store. Retrieved May 21, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Petroleos-de-Venezuela-Debt-Rating-On-2026-Senior-Unsecured-Notes-Lowered-To-D-From-CC-On-Missed-Interest-Payment-1972572>
  
US$ 225.00
$  £  €
Have a Question?

Any questions about the report you're considering? Our Customer Service Team can help! Or visit our FAQs.

More Research

Search all our Credit Research from one place.