S&P cuts OGX to CCC

Standard & Poor's said it lowered its corporate credit rating on OGX Petroleo e Gas Participacoes SA to CCC from B-.

The outlook remains negative.

S&P said the downgrade is primarily based on the company's recently announced sharply lower production development plan. According to the announcement, the three wells at the Tubarao Azul field may cease production by 2014 due to the company's lack of currently available technology that would economically allow it to further increase its production curve.

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