Fitch lifts Venezuela's sovereign ratings

Mon June 23, 2003 02:43 PM ET NEW YORK, June 23 (<a href=reuters.com>Reuters) - Fitch said its raised the long-term sovereign ratings of Venezuela on Monday, citing the government's success in restoring oil production levels after a general strike earlier this year choked off output in the lucrative sector.

Fitch said in a statement it lifted Venezuela's long-term foreign currency rating to B-minus, or six rungs into speculative territory, from CCC-plus. It also raised the nation's long-term local currency rating to B-minus from CCC. The outlook on the ratings is stable.

"The Venezuelan government's near-term financing outlook has improved given the resumption of oil production and the measures implemented to avoid a liquidity crisis," said Fitch.