Moody’s drops Petrobras Argentina

Moody's Latin America said it downgraded Petrobras Argentina SA's $30 million in guaranteed series S notes to Baa3/Aaa.ar from Baa2/Aaa.ar.

The ratings remain on review for further downgrade. Due to an internal administrative error, this rating action, effective Feb. 3, was previously missed.

Moody’s said the action reflects the Jan. 29 downgrade of Petrobras SA to Baa3 from Baa2, given concerns related to the corruption investigation and continued delays in delivery of financial statements by the company.

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