Del Pino: Risk rating agencies play a purely speculative role

The Minister of People’s Power for Energy, and also Petroleum and president of Petróleos de Venezuela S.A (PDVSA), Eulogio Del Pino, affirmed that “Risk rating companies play a purely speculating role. It is part of the tangle they have built in the wild capitalist market. ”
His remarks were made regarding the false information on an alleged PDVSA default, “spread by international risk rating companies and their national puppets,” as he said on his Twitter account, @delpinoeulogio.
“They, supposedly, every time a bond comes out to the market they do a series of analyzes where, in parentheses, they assess a political risk. These analysis should be strictly technical, financial, (they should) see your balance, what your debt is, what your assets are, what your liabilities are. But they assign the political risk subjectively and then degrade the bond, even if PDVSA has the largest oil reserves in the world”, explained the minister.
During the “Zurda Konducta” program, broadcast by Venezolana de Televisión on Monday, Del Pino said that PDVSA has “a wealth of more than 200 billion dollars, it is the fifth company in the world that combines reserves, assets and assets. We have always been among the top 5 companies in recent years. “