Venezuela minister to show debt plan to Wall Street

Mon Sep 20, 2004 08:28 PM ET

CARACAS, Venezuela, Sept 20 (Reuters) - Venezuelan Finance Minister Tobias Nobrega will show his government's debt- refinancing program to Wall Street analysts and fund managers on Wednesday as Venezuela prepares to go to market with a fresh bond issue, the Finance Ministry said on Monday. <snip>

Nobrega's visit to New York comes after Venezuela benefited from a series of upgrades from international debt rating agencies following leftist President Hugo Chavez's victory in an Aug. 15 recall referendum on his rule. <snip>

Political instability over Chavez's rule battered Venezuela's economy after he survived a coup in April 2002. But Wall Street has generally praised Nobrega's domestic and external debt management. Soaring oil prices and high foreign reserves also have secured Venezuela's debt profile.

Government officials expect Venezuela's economy to register 10 percent growth this year, buoyed by oil prices. The gross domestic production contracted 7.6 percent last year after a strike by Chavez opponents, who accuse the populist leader of autocratic government.

http://www.reuters.com/financeNewsArticle.jhtml?type=bondsNews&storyID=6285442