Research Update: Petroleos de Venezuela Downgraded To 'SD' On Missed Interest Payment; Unsecured Debt Due 2027 And 2037 Cut To 'D' - S&P Global Ratings’ Credit Research

Research Update: Petroleos de Venezuela Downgraded To 'SD' On Missed Interest Payment; Unsecured Debt Due 2027 And 2037 Cut To 'D'

Research Update: Petroleos de Venezuela Downgraded To 'SD' On Missed Interest Payment; Unsecured Debt Due 2027 And 2037 Cut To 'D' - S&P Global Ratings’ Credit Research
Research Update: Petroleos de Venezuela Downgraded To 'SD' On Missed Interest Payment; Unsecured Debt Due 2027 And 2037 Cut To 'D'
Published Nov 14, 2017
5 pages (1570 words) — Published Nov 14, 2017
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

Venezuela-based oil and gas company PDVSA failed to make its interest payments on its 2027 and 2037 senior unsecured notes within the 30-calendar-day grace period, which expired on Nov. 13, 2017. In line with our criteria for timeliness of payments, we are lowering the issue ratings on these bonds to 'D' from 'CC'. At the same time we are lowering our corporate credit rating on PDVSA to 'SD' (selective default) from 'CC'. On Nov. 14, 2017, S&P Global Ratings lowered its corporate credit rating on Petroleos de Venezuela S.A. (PDVSA) to 'SD' from 'CC'. At the same time, we lowered our issue-level ratings on the company's senior unsecured notes due 2027 and 2037 to 'D' from 'CC'. We understand that

  
Brief Excerpt:

...Venezuela-based oil and gas company PDVSA failed to make its interest payments on its 2027 and 2037 senior unsecured notes within the 30-calendar-day grace period, which expired on Nov. 13, 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:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Research Update: Petroleos de Venezuela Downgraded To 'SD' On Missed Interest Payment; Unsecured Debt Due 2027 And 2037 Cut To 'D'" Nov 14, 2017. Alacra Store. May 21, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Petroleos-de-Venezuela-Downgraded-To-SD-On-Missed-Interest-Payment-Unsecured-Debt-Due-2027-And-2037-Cut-To-D-1949477>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: Petroleos de Venezuela Downgraded To 'SD' On Missed Interest Payment; Unsecured Debt Due 2027 And 2037 Cut To 'D' Nov 14, 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-Downgraded-To-SD-On-Missed-Interest-Payment-Unsecured-Debt-Due-2027-And-2037-Cut-To-D-1949477>
  
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