"Venezuela is the next shoe to potentially drop. That's the most important country to watch right now," said Helima Croft of RBC Capital Markets.
She characterized the state of the Venezuelan economy as a "humanitarian catastrophe" defined by inflation, food shortages and declines in oil production.
"Oil production, when we look at the main numbers," said Croft, "were down 120,000 barrels in Venezuela. That's the largest month-by-month drop since 2003."
According to Croft's report, "the country seems to be going from worse to worse."
A large portion of Venezuela's debt is serviced by crude and fuel sales, which, according to her report, are "selling at lower prices" and experiencing an overall decline in production.
The Venezuelan government appears to be committed to paying its debt of roughly $50 billion to China; however, the country is strapped for cash, making it high risk for a meltdown.
— CNBC's Jackie O'Sullivan contributed to this report.