Moody’s reviews Odebrecht

Moody's Investors Service said it placed Odebrecht Engenharia e Construcao SA’s Ba2 global scale corporate family rating and Odebrecht Finance Ltd.’s Ba2 guaranteed notes under review for downgrade.

Moody’s said the review was prompted by the perception of increased credit risk for Odebrecht Engenharia following the Brazilian federal prosecutors claim for up to R$7.3 billion ($2 billion) in damages against former executives of the construction conglomerate Odebrecht SA (unrated) and former executives of Brazil's state-owned oil company Petroleo Brasileiro SA - Petrobras (B3 negative) as part of ongoing corruption investigations in the country.

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