S&P lowers Odebrecht Offshore

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

The agency also said it maintained the rating on CreditWatch negative, where it was placed in October.

The downgrades reflect the revision of Petroleo Brasileiro SA – Petrobras’s (Petrobras) stand-alone credit profile, S&P said.

Petrobras charters the drillships involved in the Odebrecht Offshore transactions under long-term contracts, the agency said.

These contracts constitute a key component for the debt rating on Odebrecht Offshore’s notes, S&P said.

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