Venezuela calls creditor meet amid default fears

CARACAS: Venezuela on Friday (Saturday in Manila) called foreign creditors to a November 13 meeting in Caracas aiming to restructure its estimated $150 billion debt, as credit-rating agencies dealt the crisis-stricken country another blow with double downgrades.

Standard & Poor’s cut the nation’s long-term foreign currency rating to “CC” from “CCC-”over growing concerns of the risk of a debt default in the oil-producing country, while fellow agency Fitch cut the long-term debt rating to “C” from “CC.”