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S&P drops Venezuela's credit rating

Published by Steve Coleman on August 19, 2011

Hot on the heels of downgrading the U.S. to AA status, Standard & Poor's has taken a big bite out of Venezuela's credit rating.

The agency panned the South American country's economy, knocking the credit rating from a B-plus to BB-minus because of President Hugo Chavez's tinkering with the economy.

The Venezuelan government has been on a nationalization spree, most-recently announcing plans to take the gold industry into government hands.

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