Venezuela downgraded as transition hopes vanish
Last year’s rally in Venezuelan bonds as Hugo Chávez neared the end of his tenure as president looks to have been even more misguided than some in the market had feared. Standard & Poor’s on Monday downgraded the sovereign from B+ to B.
New president Nicolás Maduro has dashed any hopes of a transition to a more market-friendly economy or better growth environment, with S&P blaming challenges to the implementation of economic policies for the downgrade. The rating agency maintains Venezuela on a negative outlook.
Venezuelan government bonds had rallied towards
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