S&P lowers Odebrecht

Standard & Poor's said it lowered the ratings on Odebrecht Offshore Drilling Finance Ltd.'s notes to BBB- from BBB.

The outlook is stable.

The BBB- rating on the company's $580 million senior secured notes is preliminary until the agency said it reviews the final documentation related to the issuance.

The downgrade reflects a similar action on the foreign-currency corporate credit rating on Petrobras to BBB- from BBB, S&P said. Petrobras is the charterer of Odebrecht Offshore and is a key counterparty to the transaction, the agency said.

The downgrade of Petrobras followed a similar action on Brazil due to Petrobras's status as a government-related entity, the agency said.

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