Petroleo Brasileiro S.A.: A Gloomy Bond Market Update
- The default probabilities of Petroleo Brasileiro S.A. ("Petrobras") have deteriorated sharply in the last 6 months.
- Investors are not compensated for the high risk of the firm's bonds, which trade at a below average ratio of credit spread to default probability.
- We believe that a majority of sophisticated analysts would rate the firm "non-investment grade."
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