S&P cuts Eletrobras, Petrobras & Samarco

Standard & Poor's said it lowered its ratings on Centrais Eletricas Brasileiras SA (Eletrobras), Petroleo Brasileiro SA (Petrobras) and Samarco Mineracao SA.

The global scale corporate credit rating on Petrobras was lowered to BBB- from BBB.

The agency downgraded Eletrobras' foreign currency corporate credit rating to BBB- from BBB and the local currency rating to BBB+ from A-.

S&P also lowered the corporate credit rating on Samarco to BBB- from BBB and affirmed its brAAA national scale rating.

All outlooks are stable.

The downgrades follow a similar rating action on the Federative Republic of Brazil (foreign currency: BBB-/stable/A-3; local currency: BBB+/stable/A-2), the agency said.

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