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.
As Venezuelan deposits of public funds in Swiss bank accounts have been revealed, opposition Deputy Andrés Velásquez wonders whatever happened to the USD 500 million worth of CVG funds that turned up in coded bank accounts in Lebanon five years ago.