World Economy

Fitch downgrades Venezuela to 'CCC' on oil plunge


Fitch Ratings downgraded Venezuela's credit rating to "CCC" on Thursday, a cut driven by sliding oil prices.

"The capacity of the Venezuelan economy to respond to this external shock is constrained by the relatively low level of international reserves, constraints to their operational liquidity, and limited sources of external financing," Fitch said in a statement.

In Fitch's ratings system, a "CCC" rating implies "default is a real possibility."

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