Standard & Poor's on Friday reduced Venezuela's long-term foreign currency rating to "CC" from "CCC-" anticipating probable default after President Nicolas Maduro announced restructuring of the nation's debt.

The decision followed a similar one from fellow ratings agency Fitch, which cut the long-term debt rating to "C" from "CC" based on the announcement as well as "previously missed payments" that "makes a default event highly probable," the company said in a statement.

Source: AFP