Moody's on Aug. 14 withdrew Venezuela's C local- and foreign-currency issuer ratings, due to its own business reasons.

Earlier this month, Moody's had reviewed Venezuela's ratings as part of its periodic review process. In an Aug. 7 report, the rating agency noted that the issuer rating C was supported by the country's low economic strength, very low institutional and fiscal strength, and very high susceptibility to event risk.

The rating agency downgraded Venezuela's rating to C in March 2018 due to the government's "severely impaired" debt servicing capacity.

In June, Fitch Ratings also withdrew its ratings on Venezuela following sanctions imposed by the U.S. on the Latin American country.