NEW YORK, Nov 14: Fitch Ratings raised Venezuela’s sovereign credit rating on Monday, saying hefty income from oil put the country in better shape to repay its debts. Fitch upgraded Venezuela’s long-term foreign currency rating to BB-minus, three notches below investment grade, from B-plus. It also affirmed Venezuela’s short-term rating at B, and said the outlook on the country’s credit was stable.
“The upgrade reflects significant improvements in external debt and liquidity ratios because of windfall oil export receipts, leaving them significantly better than peer ‘BB’ levels,” said Morgan Harting, Fitch’s lead sovereign analyst for Venezuela.—Reuters
