"Venezuelan electric power and energy company Corpoelec resumed interest payments on its notes due 2018," reports S&P. "We're raising Corpoelec's long-term issuer credit rating to 'CC' from 'SD' and its issue-level ratings to 'CC' from 'D'. We're placing the ratings on CreditWatch with negative implications, reflecting the heightened risk of the Corpoelec defaulting in the next three months."
By Stephanie Alles
& Jose Coballasi
Standard & Poor's
MEXICO CITY -- S&P Global Ratings raised our long-term corporate credit rating on Corporacion Electrica Nacional S.A. (Corpoelec) to 'CC' from 'SD' and our senior unsecured debt rating to 'CC' from 'D'. We also placed the ratings on CreditWatch with negative implications. Additionally, we're assigning Corpoelec's stand-alone credit profile (SACP) at 'cc'.
The 'CC' credit rating reflects that Corpoelec resumed interest payment on its $650 million 8.5% notes due April 10, 2018. The payment was effective after the grace period expired and was originally due on Oct. 10, 2017.
Electricidad de Caracas - Trustee Notice of Default - 10 November 2017 by Latin American Herald Tribune on Scribd