Standard & Poors declared Venezuela in "selective default" Monday, after it failed to make $200 million in payments on its global bonds, becoming the first ratings agency to do so.

The agency said it acted after a 30-day grace period had passed on payments on two bonds.

"We have lowered two issue ratings to 'D' (default), and we lowered the long-term foreign currency sovereign credit rating to 'SD' (selective default)," the agency said