Moody's changes forecast on Venezuela's Pdvsa bonds
State-run oil company Pdvsa's debt bonds were downgraded to negative amidst uncertainty over a political succession of Venezuelan President Hugo Chávez
However, Moody's has reaffirmed both Venezuela's B1-B2 oil industry bond ratings in local currency and foreign currency, respectively.
"Actions concerning the rating of Venezuela's bonds express the growing uncertainty amid the political succession of President (Hugo) Chávez, and the impact of a looming transition in civil order, the economy, and a visibly deteriorated fiscal position," Moody's explained in a statement cited by Reuters.
Around 1.5 million Venezuelans have decided to emigrate in search of a better future for their families. The figure accounts to between 4% and 6% of the overall population. Approximately 88% of these expatriates have made up their mind to emigrate over the last 15 years.