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Venezuela currency woes: US firms face massive writedowns

Most exposure is concentrated among 10 firms that disclosed US$7.3b in assets linked to Venezuela's currency system

Although the official rate is at 6.3 Venezuelan bolivars to the dollar, there are two other rates in the government system - at about 12 and 50. The black market rate, though, is at about 190 bolivars to the dollar.

New York

AT least 40 major US companies have substantial exposure to Venezuela's deepening economic crisis, and could collectively be forced to take billions of dollars of writedowns, a Reuters analysis shows.

The companies, all members of the Standard & Poor's 500, and...

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