S&PCORRECT:Venezuelan Utilities,CANTV and EDC Downgraded Following Sovereign Rating Action Dec 02
- ID: 1834088
- December 2002
- Region: Vanuatu, Venezuela
- Standard & Poors
(Editor's Note: The press release published earlier today had an incorrect dateline.) NEW YORK (Standard & Poor's) Dec. 13, 2002--Standard & Poor's Ratings Services said today that it lowered its foreign currency corporate credit ratings on two Venezuelan utilities, Compania Anonima Nacional Telefonos de Venezuela (CANTV) and C.A. La Electricidad De Caracas (EDC), to 'CCC+' from 'B-', following a similar action taken on the ratings of the Bolivarian Republic of Venezuela. The outlook on CANTV and EDC's ratings remains negative. The sovereign downgrade reflects the increasing probability of default given the environment of growing political polarization, critical social divisions, and economic paralysis due to the ongoing strikes. The manner in which the political impasse could be resolved remains uncertain as...
Companies mentioned in this report are:
- C.A. La Electricidad De Caracas
- Telefonica S.A.
- The AES Corp.
- Compania Anonima Nacional Telefonos de Venezuela
- Verizon Communications Inc.
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Research type: News
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