Fitch upgrades Venezuela's sovereign on oil prod.

Bnamericas Published: Tuesday, June 24, 2003
The success of Venezuela's government in reestablishing oil production at pre strike levels and the lessened risk of disruption to oil production following the strike's failure to achieve its objectives prompted credit ratings agency Fitch Ratings to upgrade Venezuela's sovereign ratings Monday. Fitch upgraded Venezuela's long-term foreign currency rating to B- from CCC+ and its long-term local currency rating to B- from CCC, Fitch said in a statement, adding that the rating outlook is stable. Since the implementation of capital controls and the resumption of oil exports, the country's international reserves have increased from a low of US$13.5bn in January to US$16.5bn in mid-June, Fitch said.

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