Moody’s Puts Petrobras Back at Triple-B

Moody’s Puts Petrobras Back at Triple-B

Brazil Corporate & Sovereign Strategy

Moody’s has lowered the credit rating of Brazil's Petrobras to Baa1 from A1, it says. The quasi-sovereign’s downgrade reflects its high financial leverage and expectations the company will continue to have large negative cash flows over the next few years as it pursues its capital spending program. “We see Petrobras’ leverage to be nearing peak levels in 2013 and 2014, significantly higher than those of its industry peers and only likely to decline in 2015 and beyond. Successful execution on its

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