S&P Downgrades Venezuela, Faces One-in-Two Chance of Default

Tuesday, September 16, 2014
From The Wall Street Journal:

S&P Downgrades Venezuela on Worsening Economy

Rising Inflation, Economic Pressures Prompt Rating Cut

Standard & Poor's Ratings Services on Tuesday cut Venezuela's credit rating further into junk territory, citing President Nicolás Maduro's failure to take steps to combat rising inflation and a deepening economic crisis.

S&P downgraded Venezuela's rating from B-minus to triple-C-plus. The new rating indicates that there is a one-in-two chance that the South American country defaults on its sovereign debt in the next two years.