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Bolivarian Republic of Venezuela Apr 11
Standard & Poors, April 2011
Abstract
Strong external liquidity. Low debt and interest burden. Relatively modest fiscal flexibility. Erratic economic policy, poor economic management, and weak institutions. High off-budget government expenditures. Increasing concerns about the financial sector. The ratings on the Bolivarian Republic of Venezuela are constrained by political factors and are supported by the sovereign's strong external and fiscal positions. In Standard & Poor's Ratings Services' opinion, changing and arbitrary laws, price and exchange controls, and other distorting and unpredictable economic measures weaken Venezuela's domestic economy. Frequent nationalization of private-sector entities has added to policy uncertainty, has undermined private-sector investment, and has hurt productivity. The country's vast oil and gas reserves, which are key positives in external and fiscal performance, somewhat offset the policy uncertainty....
Companies mentioned in this report are: Bolivarian Republic of Venezuela
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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