Moody's changes forecast on Venezuela's Pdvsa bonds
State-run oil company Pdvsa's debt bonds were downgraded to negative amidst uncertainty over a political succession of Venezuelan President Hugo Chávez
However, Moody's has reaffirmed both Venezuela's B1-B2 oil industry bond ratings in local currency and foreign currency, respectively.
"Actions concerning the rating of Venezuela's bonds express the growing uncertainty amid the political succession of President (Hugo) Chávez, and the impact of a looming transition in civil order, the economy, and a visibly deteriorated fiscal position," Moody's explained in a statement cited by Reuters.
That political protest in Venezuela has lost momentum seems pretty obvious: people are no longer building barricades to block off streets near Plaza Francia in Altamira (eastern Caracas), an anti-government stronghold; no new images have been shown of brave and dashing protesters with bandanna-covered faces clashing with the National Guard in San Cristóbal, in the western state of Táchira; and those who dreamed of a horde of "Gochos" (Tachirans) descending in an avalanche to stir up revolt in Caracas have been left with no option but to wake up to reality.