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Petrobras loses investment grade in Moody's downgrade

Published Wed, Feb 25, 2015 · 09:50 PM

Rio de Janeiro

MOODY'S Investors Service stripped Brazil's state-run oil company Petrobras of its investment grade rating on Tuesday and kept the firm on review for further downgrade, citing concerns over an ongoing corruption scandal and liquidity pressures.

The ratings agency said in a statement it was downgrading Petroleo Brasileiro SA, as the oil company is formally known, to Ba2 from Baa3, on the grounds it would struggle to meaningfully reduce its "very high debt burden" in the next several years.

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Companies & Markets

Petrobras loses investment grade in Moody's downgrade

Energy & Commodities

Oil settles higher on supply concerns in the Mid-East, economic woes subdue gains

Seatrium unit to fully redeem S$500 million worth of floating-rate bonds early

Anglo rejects BHP takeover bid as significantly undervalued

India rice prices at three-month low on shrinking demand

Gold prices set for weekly decline ahead of US inflation data

Pricey coffee is here to stay as hoarding, heat hit Vietnam supply

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