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Petrobras debt downgraded deeper into junk at Moody’s

  • Moody's downgrades all ratings for Petrobras (PBR -4.2%) to Ba3 from Ba2, further into junk territory, and places them on review for possible further downgrade.
  • The downgrade reflects PBR's "elevated refinancing risks in the face of deteriorating industry conditions that make it more difficult to raise cash through asset sales," the ratings agency says.
  • Moody's also places Brazil's Baa3 rating on review for downgrade, driven by a rapidly deteriorating economy and "worsening governability," after the congress opened impeachment proceedings against Pres. Rousseff.
  • ETFs: EWZ, BRF, BRZU, EWZS, BRXX, BRAQ, BZQ, BRAZ, BRAF, UBR, DBBR, FBZ

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Petróleo Brasileiro S.A. - Petrobras