In Venezuela To Replace Maduro Needs Time To Restructure Debt

Any political transition in Venezuela would take time to deliver on debt restructuring and materially improve the economic situation, Fitch Ratings said in a press release on Wednesday.

Any political transition in Venezuela would take time to deliver on debt restructuring and materially improve the economic situation, Fitch Ratings said in a press release on Wednesday,

"Given the scope the scope of the economic challenges and the large sovereign default, any political transition would take time to deliver on debt restructuring and materially improving the economic situation," the release said.

In the short term, new US sanctions imposed on state-owned oil company PDVSA will deepen the country's economic crisis, Fitch warned.

"Oil production will likely fall further and more quickly affecting economic output, exports and government revenues.The domestic disruption caused by protests and political uncertainty will further deepen the severe economic distortions that have been building for years," it said.

The Venezuelan military's position will be key to the country's political future and there is the potential for a protracted stalemate and deepening of positions, Fitch cautioned.

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