es gibt scheinends gestripte ven-bonds und entsprechende seperat handelbare zins-coupons.....// Venezuela Global Bond Coupon Depositary Receipts, Downgraded to Caa3 (sf); previously on December 19, 2013 Downgraded to Caa1 (sf)

Rating Action: 

Moody's downgrades the ratings on receipts issued by Venezuela Global Bond Programme

Global Credit Research - 16 Jan 2015

New York, January 16, 2015 -- Moody's Investors Service announced today that it has downgraded the ratings on the following receipts issued by Venezuela Global Bond Programme:

Venezuela Global Bond Coupon Depositary Receipts, Downgraded to Caa3 (sf); previously on December 19, 2013 Downgraded to Caa1 (sf)

Venezuela Global Bond Coupon Strip Depositary Receipts, Downgraded to Caa3 (sf); previously on December 19, 2013 Downgraded to Caa1 (sf)

Venezuela Global Bond Long Term Coupon Receipts, Downgraded to Caa3 (sf); previously on December 19, 2013 Downgraded to Caa1 (sf)

Venezuela Global Bond Principal Depositary Receipts, Downgraded to Caa3 (sf); previously on December 19, 2013 Downgraded to Caa1 (sf)

RATINGS RATIONALE

These depository receipts are structured notes whose ratings are based on the rating of the Underlying Securities and the legal structure of the transaction. Today's rating action is a result of the change in the rating of the Underlying Securities, Republic of Venezuela 9.25% U.S. Dollar-Denominated Unsecured Global Bonds due 2027, whose Caa1 rating was downgraded to Caa3 as of January 13, 2015.

Methodology Underlying the Rating Action

The principal methodology used in this rating was "Moody's Approach to Rating Repackaged Securities" published in December 2014. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

Factors that would lead to an upgrade or downgrade of the rating:

Moody's says that the underlying securities are subject to a high level of macroeconomic uncertainty in the Republic of Venezuela, which manifest in uncertain credit conditions across the general economy. Because these conditions could negatively affect the ratings on the underlying securities, they could also negatively impact the rating on the depository receipts.

REGULATORY DISCLOSURES

For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions of the disclosure form.

Moody's did not receive or take into account a third-party assessment on the due diligence performed regarding the underlying assets or financial instruments related to the monitoring of this transaction in the past six months.

Moody's did not use any models, or loss or cash flow analysis, in its analysis.

Moody's did not use any stress scenario simulations in its analysis.

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Aileen Wang
Associate Analyst
Structured Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Paul Buttress
Senior Vice President
Structured Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

https://www.moodys.com/research/Moodys-downgrades-the-ratings-on-receipts-issued-by-Venezuela-Global--PR_316690?WT.mc_id=AM~RmluYW56ZW4ubmV0X1JTQl9SYXRpbmdzX05ld3NfTm9fVHJhbnNsYXRpb25z~20150116_PR_316690