The death of President Hugo Chavez will not have an immediate effect on Venezuela’s sovereign rating, a Moody’s analyst said on Tuesday, but the political transition after the controversial leader’s passing will be key to any possible rating changes.

“We revised Venezuela’s outlook to negative back in January in anticipation of the risks associated with the political transition, should he die,” said Aaron Freedman, a senior sovereign analyst with Moody’s Investors Service.

“So any further rating action would be dependent upon those risks materializing,” he added.

Chavez died after a two-year battle with cancer, ending the socialist leader’s 14-year rule of the South American country, Vice President Nicolas Maduro said in a televised speech on Tuesday.