"I'm going to be tough about it," Bush told a group of regional reporters Tuesday in a preview of his trip. "I'm not interested in funding corruption."
Bush separately had some tough talk about Venezuela's President Hugo Chavez. The image of the world's No. 4 oil exporter has taken a beating in recent months as opponents of the maverick left-wing president have stepped up protests against his three-year rule, raising fears that political confrontation may worsen and even turn to violence.
"We are concerned about Venezuela," Bush said, citing the long-term U.S. relationship with the country, particularly in the oil business.
"We are concerned any time there is unrest in our neighborhood. We are watching the situation carefully. This man was elected by the people. We respect democracy in our country, and we hope he respects the democratic institutions within his country," the president said. [End Excerpt]
``The current situation has led to political polarization and a sense of frustration among the population at large, including the business and labor sectors, the Catholic church, and the military,'' S&P said in a statement.
``This, in conjunction with presidential statements about the possibility of nationalizing banks ... and the danger of exchange controls or a state of emergency, have created an environment that is not conducive to investment and growth.''
The ratings agency affirmed Venezuela's single-B long- and short-term foreign currency sovereign credit ratings. At single B, the ratings are five notches below investment grade.
A downgrade would increase the cost of borrowing for the world's No. 4 oil exporter at a time when President Hugo Chavez is facing stiff domestic opposition to his leftist agenda and authoritarian style. [End Excerpt]