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ISDA says Venezuela's PDVSA incurs 'credit event'
November 16, 2017 / 9:44 PM / in a month

ISDA says Venezuela's PDVSA incurs 'credit event'

CARACAS, Nov 16 (Reuters) - The New York-based International Swaps and Derivatives Association (ISDA) said on Thursday a “credit event” had occurred due to late debt payments by Venezuelan state oil company PDVSA.

“(The committee) has voted that a failure to pay credit event has occurred in regards to Petróleos de Venezuela, S.A.,” an ISDA spokesperson said by email, confirming a decision that would trigger payment on Credit Default Swaps. (Reporting by Corina Pons; Writing by Andrew Cawthorne, Editing by Rosalba O‘Brien)

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