A reader writes:
Man, you should be paying more attention to us financial guys. What money sez is "f--k the politikos, can we turn a profit" . . .Moody's are the numero unos in ratings (well, equal with fitch and SP). They say PdVSA debt is B1..that's a really good score for anywhere South. They also give "stable" rating. That's very very cool.PdVSA are about to issue $3.5Bn in bonds...they'll pay 1.15% more than the Federal Reserve minimum lending rate. That's around 1% less than the rest of VZ, and way down on the rest of latam. This is a very neat way the economy ministry of VZ has found of cutting the inflation rate...and it'll work (in the Short term anyway). While oil is $50+, they're laughing. Bottom line: VZ is a good place to do biz.
Yeah, we had no idea what all that meant, either. But through the miracle of Google, we find that Moody’s just ranked Venezuela’s state oil company as a “stable” investment risk, which is pretty remarkable for a Latin American firm. The ranking depends in part on oil prices staying high, but this is far, far away from the “sky is falling” reports that you get from the disgruntled former PDVSA executives who are working the lecture circuit these days.
Of course, there’s not one report on this in the US press. El Universal has the scoop.
