Venezuelan benchmark bond soars 4% as S&P upgrades rating outlook

01/12/2010 | Reuters · Bloomberg · Reuters

Bond markets sent Venezuelan government debt surging in the first day of trading after President Hugo Chavez devalued the bolivar. The benchmark 2027 bond jumped about 4%. Standard & Poor's affirmed its BB-minus rating for Venezuelan debt and upgraded its outlook from negative to stable. "We revised the outlook to stable because we believe that the latest government devaluation of the currency, combined with prospects for stable oil revenues, will reduce Venezuela's fiscal pressures," S&P said.

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