"Venezuela's national electric utility, Corpoelec, missed an interest payment on its $650 million Electricidad de Caracas 8.5% notes due 2018 which was due on Oct. 10, 2017," reports Standard and Poor's Ratings agency. "We're lowering our senior unsecured debt rating on Corpoelec to 'D' from 'CC'. At the same time, we're lowering our long-term corporate credit ratings on Corpoelec to 'SD' from 'CC'."
By Stephanie Alles,
& Marcelo Schwarz, CFA
Standard & Poor's
MEXICO CITY -- S&P Global Ratings lowered its senior unsecured debt rating on Corporacion Electrica Nacional, S.A. (Corpoelec) to 'D' from 'CC'. At the same time, we lowered our long-term corporate credit ratings on the company to 'SD' from 'CC'. We're also removing the credit ratings from CreditWatch negative.
The rating action reflects that the interest payment due on October 10, 2017 on Corpoelec's $650 million 8.5% notes due 2018 was not made within the 30-day grace period which ended on Nov. 9, 2017.
Electricidad de Caracas - Trustee Notice of Default - 10 November 2017 by Latin American Herald Tribune on Scribd