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Weekly Report - 27 October 2016 (WR-16-42)
VENEZUELA: Rating agencies cut Pdvsa
As promised, the main international rating agencies have sanctioned the state oil company Pdvsa for its “distressed” bond debt exchange. On 24 October, Pdvsa issued a statement saying that 39.4% of bondholders, holding US$2.8bn of Pdvsa bonds due in 2016-2017, had agreed to swap them for new bond debt worth US$3.4bn, expiring in 2020. The swap is considerably below Pdvsa’s intended US$5.3bn, but nevertheless it throws the company a critical lifeline. Scheduled debt repayments were US$4bn in October-November alone.
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