The Venezuelan government described the creditors' meeting as "a resounding success" and said that it would continue to service its debts. The country agreed on terms with Russian Federation for restructuring about $3 billion debt, but it still owes more than $50 billion on bonds held by other creditors.
Venezuela hosted a brief meeting with creditors in Caracas on Monday to discuss its total $150 billion foreign debt but the discussions ended without any agreement.
"They didn't give any concrete details on their plans, on what they hope to get", Geronimo Mansutti, from the Rendivalores brokerage, told AFP. S&P lowered two issues' ratings to "D" (default) and said there is a one in two chance that the government.
Venezuela's state-run oil company PDVSA has also been declared in default by rating agencies Fitch and Moody's.
Instead, the head of the Venezuelan commission, Vice-President Tareck El Aissami, read a statement blaming sanctions imposed by the United States for Venezuela's difficulties in making the payments.
"We also believe the Venezuelan government and people have the ability to handle the debt issue of their country", Geng said.
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A committee of the International Swaps and Derivatives Association (ISDA) is weighing whether holders of PDVSA debt with default insurance - credit default swaps - can collect payment.
The ratings agency said the South American nation had failed to make $200m (£153m) in repayments on its foreign debt.
But Maduro remains defiant, insisting on Sunday that his country would "never" default and pointing to ongoing negotiations with China and Russian Federation.
Now, as U.S. sanctions cut deeper into what's left of the economy, it's increasingly unclear how Venezuela will support itself.
Venezuela's envoy to the UN, Rafael Ramirez, called the meeting "illegal" and a "hostile" act "of interference" by the US.