Moody’s Negative on Petrobras

Moody’s Negative on Petrobras

Brazil Corporate & Sovereign Strategy

Moody’s has lowered the outlook on Petrobras’ A3 rating to negative from stable, it says. The move reflects the state-controlled oil producer’s rising debt levels and the uncertainty over the timing and delivering of production and cash flow growth in the face of a massive capital budget, rising costs and downstream profit pressures. “The company is significantly outspending cash flow and its production has fallen short of target, with crude production in Brazil averaging 2.59m BOE/day in the fi

Already have an account?

Free trial

Take a free two-week trial now for the latest news, data and market analysis.

Free Trial