International credit rating Agency Standard & Poor ‘ s has declared that Venezuela “selective default”.
The Rating Agency said the South American nation had failed, a $200m (Â£153m) repayments on its foreign debt.
Venezuela’s state oil company PDVSA has also been declared in default by the rating agencies Fitch and Moody’s.
The news came just a few hours after the government met investors in Caracas, to try to negotiate his debt.
Read: Venezuela ‘ s debt problem: On Standard or numbers
Standard & Poor’s declared a “selective default” if a country has not paid, or more of its financial obligations when due.
In the case of Venezuela, the government of President NicolÃ¡s Maduro $200m failed in the payments on two global bond issues until 12 November, when a 30-day grace period has expired.
S&P says Venezuela is also overdue for four more bond payments with a total value of $420m, however, that the grace period has not yet expired, on these payments.
Venezuela’s total foreign debt, the loans from countries such as Russia and China, is thought to be as much as $140bn.Hampered by sanctions
On Monday, government officials met with creditors in Caracas in an attempt to restructure its debt.
But creditors who attended the meeting, told the journalists that the 25-minute session ended without the government, no concrete proposals.
Instead, the head of the Venezuelan Commission, Vice-President, Tareck El Aissami, is a read statement, the debt of sanctions by the United States for Venezuela, the difficulties in making the payments.
Mr Aissami, was accused of drug trafficking by the United States, the sanctioned even on the list of Venezuelan people by the U.S. treasury department.
The participants of the creditors ‘ meeting at least one participant spoke up to leave the room, as plain Mr was Aissami would be.
Under the sanctions, no US citizen shops Venezuelan people can make it on the list.
The sanctions also impose a ban on U.S. persons for the purchase of a new Venezuelan debt problems makes it difficult to plan the government’s debt restructuring.
The Venezuelan government described by the creditors ‘ meeting as a “resounding success” and said it would continue to its debts.