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Venezuela in selective default, says credit ratings agency
14 November 2017, 06:39 | Hattie Nash
Venezuela in 'selective default': ratings agency
Venezuela's total external debt, which also includes loans from countries like Russian Federation and China, is thought to be as much as $140bn.
S&P's verdict came after the Venezuelan government met with worldwide creditors in Caracas but offered no concrete plan for restructuring its $150 billion debt.
Besides the two bond payments it has defaulted on, Venezuela is overdue on four other debt payments but they were still within the 30 day grace period, S&P said.
The Venezuelan government said Monday that the country has successfully begun the process of refinancing its foreign debt during a meeting earlier in the day in Caracas with bondholders from various countries.
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Venezuela has been in a recession since Maduro succeeded the late president Hugo Chavez in 2013.
Previously it had Venezuela in junk bond status.
The agency says "there is a one-in-two chance that Venezuela could default again within the next three months".
The ratings agency said the South American nation had failed to make $200m (£153m) in repayments on its foreign debt.
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