Petrobras, Cielo, Vale downgrades follow Brazilian sovereign

Petrobras, Cielo, Vale downgrades follow Brazilian sovereign

Brazil Bonds Corporate & Sovereign Strategy

Fitch has downgraded several Brazilian companies, following its rating cut on the sovereign to BB+ on Wednesday. Oil company Petrobras was cut a notch to BB+, a move that affects some $50bn in debt. Fitch left the Petrobras rating on negative outlook, saying another cut to the sovereign or weaker links between the oil company and the government could trigger another downgrade.  The ratings agency pushed Cielo down a notch to BBB-, Vale to BBB and Globo Comunicacao e Participacoes to BBB-, a

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