S&P lowers Petrobras Argentina notes

Standard & Poor’s said it corrected its rating on Petrobras Argentina SA’s $300 million series S notes due 2017 by lowering it to B+ from BB.

This rating is now the same as the corporate credit rating on the company’s parent, Petroleo Brasileiro SA – Petrobras due to its full and unconditional payment guarantee, S&P said.

The rating error occurred in February when the agency downgraded Petrobras to B+ from BB, but didn’t downgrade Petrobras Argentina’s $300 million series S notes due 2017, the agency said.

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