The three major credit rating agencies are Moody's, Fitch, and S&P. A rating of C by Moody's indicates default (see page 5 of Moody's); a rating of RD or D by Fitch indicates default (see page 19 of Fitch Ratings), and a rating of SD or D by S&P indicates default (See table 4: Standard and Poors). Venezuela and its state-run oil company, the PDVSA ,made a large debt payment in April, but have others coming due in October and November of 2017 (Reuters). Venezuela’s shrinking federal reserves, budget deficit, high unemployment rate, falling oil prices, and food shortages put it at risk of defaulting on these loans in 2017 (Bloomber, Barrons). _{Confused? Check our FAQ or ask us for help.}

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