Venezuela-based oil and gas company PDVSA failed to make its interest payment on its 2017 senior unsecured notes within the 30-calendar-day grace period, which expired on Dec. 2, 2017. However, it's our understanding that the company has paid the principal amount. In line with our criteria for timeliness of payments, we're lowering the issue ratings on the company's bonds to 'D' from 'CC'. On Dec. 5, 2017, S&P Global Ratings lowered its issue-level ratings on Petroleos de Venezuela S.A.'s (PDVSA's) senior unsecured notes due 2017 to 'D' from 'CC'. PDVSA hasn't been able to meet the coupon payment on its 2017 notes within the 30-calendar-day grace period (or the bondholders hadn't received the funds by that date), constituting an event
