US ratings agency Standard & Poor's downgraded Venezuela's foreign and local currency sovereign ratings by one notch Friday, citing the country's political risk as a credit weakness.SOCIALISM IS WRECKING EUROPE'S DEBT STRUCTURE, IT'S WRECKING OURS - AND NOW IT HAS WRECKED VENEZUELA'S.
It cut the ratings from BB- to B+ with a stable outlook, saying the decision "reflects our recently revised sovereign rating methodology's heavier weight on political risk, which is a credit weakness for Venezuela."
S&P said its outlook also weighed both the negative impact of the Chavez government's interventionist investment and growth policies on the one hand, along with the country's modest fiscal and external positions.
"In our opinion, changing and arbitrary laws, price and exchange controls, and other distorting and unpredictable economic measures have undermined private-sector investment and hurt productivity -- weakening Venezuela's domestic economy," it added in a statement.
NEITHER EUROPE OR VENEZUELA GAVE "BUSH TAX CUTS TO THE RICH" OR STARTED "TWO UNFUNDED WARS."
THE MORE GOVERNMENT FU*KS WITH THE ECONOMY, THE WORSE THE ECONOMY GETS.