Moody’s cuts Petrobras, rates CFR Ba2

Moody's Investors Service said it downgraded all ratings for Petrobras, including the senior unsecured debt to Ba2 from Baa3, and assigned a Ba2 corporate family rating.

The agency also lowered the company's baseline credit assessment to b2 from ba2.

These actions reflect increasing concern about corruption investigations and liquidity pressures that might result from delays in delivering audited financial statements, as well as Moody's expectation that the company will be challenged to make meaningful reduction in its very high debt burden over the next several years.

The ratings remain on review for downgrade.

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