Petrobras loses investment grade in Moody's downgrade
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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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