Venezuelan-Owned Gas Station Citgo On Default Watch

ForbesVenezuela’s biggest brand, Citgo, is now on death watch over at Fitch Ratings. The credit watchdogs just downgraded the gasoline station’s credit rating to CCC from B-. It’s on rating watch negative, meaning that the next step is a likely default of some kind over the next 12 months. Venezuela faced a restricted default last month on at least three different bond issues, most related to Citgo’s parent, oil major PDVSA.

Venezuela has tapped into the Russian oil company Rosneft for support on Citgo’s debt. But that might not be enough. Barring an outright sale to the Russians, Citgo is ultimately on its own. …


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During the last several decades, the United States has invested billions of dollars in trying to help the governments of Latin America and the Caribbean deliver better lives for their citizens. This has meant helping them increase internal security by combating the illicit growing and trafficking in narcotics and the activities of terrorist groups, as well as helping them to shore up their democratic and free market institutions.

Unfortunately, in recent years, continued progress in these areas has been threatened, not least by the radical populist governments in Venezuela, Bolivia, and elsewhere. These governments have instituted retrograde agendas that include the propagation of class warfare, state domination of the economy, assaults on private property, anti-Americanism, support for such international pariahs as Iran, Russia, and even transnational criminal organizations.

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