Fitch lowers Venezuela rating to CCC, signalling vulnerable to default

An oil drilling rig in the Orinoco oil belt, in Anzoategui, Venezuela on January 24, 2012Fitch Ratings on Thursday lowered Venezuela’s credit rating by three notches to CCC, signalling the economically fragile oil-exporting nation is vulnerable to default due to the drop in global crude prices. China has loaned $40 billion to Venezuela, but Fitch said China was unlikely to increase this amount.

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