Fitch, S&P downgrade nation after Maduro talks restructuring Venezuelan default is ‘highly probable,’ Fitch Ratings says Venezuela’s President Nicolas Maduro Photographer: Carlos Becerra/Anadolu Agency via Getty Images Venezuela’s credit grade was cut deeper into junk territory by Fitch Ratings and S&P Global Ratings Friday, after President Nicolas Maduro called for a restructuring of the nation’s global debt. Fitch reduced the nation’s long-term foreign rating to C from CC and called a default “highly probable,” according to a statement . S&P downgraded the sovereign and state run-oil company Petroleos de Venezuela to CC from CCC-, two notches from default. Moody’s Investors Service said earlier Friday that ” losses could be significant ” if a debt restructuring gets drawn out. “It can’t go any further than this, unless they default,” Fitch analyst Richard Francis said by phone from New York. “If they don’t make the payment by the grace period, the […]