The International Swaps and Derivatives Association has ruled that Venezuela and its state oil company PDVSA have defaulted on their debts, which will trigger insurance-like contracts on its bonds.

Venezuela has been taking advantage of the “grace periods” for late payments on its bonds for weeks as the stricken country tries to stay current on its obligations. But following the late or non-payment on some bonds and bond coupons, a committee set up under Isda — a finance industry body — voted on Thursday that both the government and PDVSA are in default.

That decision will trigger credit-default swaps that track Venezuela and PDVSA’s debts, with the details of how they will be settled yet to be decided by Isda’s determinations committee.

Committee members including JPMorgan, Goldman Sachs, Elliott Management, Citadel and AllianceBernstein voted unanimously, 15-0, that a “failure to pay credit event” had taken place for both Venezuela and PDVSA.

The determinations committee said it will reconvene on November 20 to decide just how the CDS will be settled. The prices paid out by these contracts are typically decided in an auction of bonds submitted, but in Venezuela and PDVSA’s case this will be complicated given that they are still current on some of their debts.

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