S&P Cuts OGX

S&P Cuts OGX

Corporate & Sovereign Strategy

Standard & Poor’s has dropped OGX Petroleo e Gas Participacoes’s ratings to CCC with negative outlook from B minus, it says. The move follows the company’s announcement that three wells at the Tubarao Azul field may cease production by 2014 due to the company’s lack of technology to increase production economically, and that it will not develop the Tubarao Tigre, Tubarao Gato, and Tubarao Areia fields. “In our view, this lower portfolio base will hurt OGX’s operating performance, its liquidity,

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