New York, August 15, 2013 -- Venezuela's B1 local currency rating and B2 foreign currency bond rating consider its growing macroeconomic imbalances and economic distortions, a result of the government's unorthodox and unpredictable policymaking. These policies reflect the highly discretionary exercise of governmental authority that very weak institutions have enabled, says Moody's Investors Service in a new report. The negative outlook Moody's has had on the ratings since January 2013 points to the increased political uncertainty and risks to the Venezuelan economy following the death of former President Chavez.

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