April 23, 2014 / 9:06 PM / in 4 years

Moody's cuts rating on Cuba to Caa2 from Caa1

April 23 (Reuters) - Moody’s Investors Service downgraded Cuba’s rating to Caa2 from Caa1, citing the country’s reliance on cheap oil from Venezuela and the risk of “abrupt and disorderly” political transition at home.

Moody's said there was "considerable uncertainty" around the future state of Cuba's political economy as President Raul Castro has recently indicated his current term will be his last. (link.reuters.com/kag78v)

The ratings agency said its stable outlook on the Caa2 rating reflected its view that the future is equally likely to be affected by the country’s credit weaknesses as by its credit strengths. (Reporting by Devika Krishna Kumar in Bangalore; Editing by Robin Paxton)

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