Venezuela’s government said its plan to refinance some $60 billion in bonds was successfully underway, while a rating agency declared the nation in selective default over missed coupon payments. President Nicolas Maduro’s negotiating committee met with investors in Caracas on Monday but offered no firm proposals on its intention to alleviate crippling foreign debt. S&P Global Ratings declared Venezuela in selective default after it failed to make $200 million in coupon payments on its global bonds due in 2019 and 2024 within a 30-day grace period, Reuters reports. The agency warned there was a strong chance it would miss further payments within three months.