S&P downgrades Venezuela debt

Standard & Poor's on Monday cut Venezuela's debt rating by one step citing the impact of the oil price plunge on government finances. S&P said the government has failed to address growing economic challenges, leaving it with few politically viable policy options to restore growth and rebuild foreign reserves. S&P lowered the country's sovereign rating to CCC, a rating deep in junk bond territory that denotes that the country has a significant risk of not being able to