Venezuela had its credit rating lowered by Standard & Poor’s, which said the government will struggle to implement changes needed to shore up the economy. S&P cut Venezuela’s long-term rating by one level to CCC, eight notches below investment grade. The outlook is negative, S&P said Feb. 9 in a statement. “Economic recession, high inflation, and growing shortages have weakened public support for the government, likely reducing its political room to introduce difficult corrective economic measures that would improve its external liquidity position,” S&P said. Venezuela’s gross domestic product could shrink as much as 7 percent this year after the 60 percent plunge in prices for oil since June, S&P said. The commodity accounts for 90 percent of exports and the decline in prices means the government has less room to adjust policy and avoid a default, S&P said. “Pressure is growing for the government to reschedule […]