Fitch Raises Venezuela's Long-Term Debt Rating on Oil Output

June 23 (<a href=quote.bloomberg.com>Bloomberg) -- Venezuela's long-term debt rating was raised by Fitch Ratings as increased oil production reduced the risk of default on the country's $29 billion of debt.

The rating upgrade raised Venezuelan debt one level to B-, six levels below investment grade, from CCC+.

The Venezuelan government's near-term financing outlook has improved given the resumption of oil production,'' Fitch said. Furthermore, voluntary domestic debt swaps and recent external bond payments have mitigated concerns about debt service willingness over the near term.''

The rating change underscores lessening concern that Venezuela may have difficulty in making debt payments this year.