Main rating agencies declares Venezuela in default

Baku. 15 November. REPORT.AZ/ Standard&Poor’s has declared that Venezuela is in default after it missed two interest payments and following a meeting in Caracas that left investors with little notion of how a default on its $ 60 bln debt pile can be avoided.

Report informs citing the RIA Novosti, S&P, which is the first rating agency to say the country is in default, said on Tuesday that Caracas had failed to make $ 200 mln in coupon payments for global bonds due in 2019 and 2024 within the 30-calendar-day grace period.

Notably, after news about default US-dollar exchange rate further increased in Venezuela. So, on Friday, the dollar exchange rate of 49,830 bolivars increased by 11% over two business days and reached 55,216 bolivars. From the beginning of the year, the dollar has risen by 18 times in the cash foreign exchange market.