Oil rout puts the squeeze on inflexible exporters - Moody's

miércoles 10 de diciembre de 2014 14:31 GYT
 

* Venezuela risks default if oil prices slide to $60

* Russia's credit rating under threat

* Importers India and Indonesia benefit to avoid junk status

By Sam Wilkin

LONDON, Dec 10 (Reuters) - Russia and Venezuela stand to lose the most from sliding oil prices, with the latter facing a growing risk of default because of its large fiscal deficit and high state spending, Moody's said in a report.

If oil settled around $60 a barrel, this "would significantly increase the risk of default" by already junk-rated Venezuela, Moody's said, whereas the effect on Russia could be moderated by its large foreign exchange reserves.

Global benchmark Brent crude prices have nearly halved since hitting a June high above $115, hit by rising U.S. oil output and waning growth in global demand.

Emerging economies have earned roughly 200 rating upgrades since 2007 from the three major agencies, but Moody's has more countries under a negative than a positive outlook for 2015.

The agency has a negative outlook for Russia -- rated two steps above junk at Baa2 -- whose currency has fallen by more than a third this year due to the oil price slide and Western sanctions in place since March because of the Ukraine crisis.   Continuación...