(Refiles to correct day of week in 4th paragraph to say S&P statement was late Tuesday, not Wednesday)
NEW YORK, Sept 17 (Reuters) - Venezuelan oil company PDVSA's bonds slumped on Wednesday after Standard & Poor's cut the country's credit rating, citing sustained economic deterioration.
The benchmark PDVSA bond maturing in November 2017 fell 4.6 pct in price to bid 77.250 with a yield of 23.087 percent.
The bond issue's face value is $6.15 billion, a sizable chunk of PDVSA's total debt of $37.7 billion dollars, according to Thomson Reuters data.
In a statement late Tuesday, S&P said it cut Venezuela's long-term sovereign credit ratings to 'CCC plus' from 'B minus.'
The agency, which has a negative outlook on Venezuela, said the outlook reflects the possibility that growing economic distortions and sustained political polarization could increase the risks of a government debt default over the next two years. (Reporting by Walker Simon; Editing by Chizu Nomiyama)