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2015-02-28 18:55:00

CRAZY MOODY'S DOWNGRADING

CRAZY MOODY'S DOWNGRADING

Brazil's state-run oil company Petrobras' debt was downgraded to junk status on Tuesday by Moody's Investors Service.

The ratings agency wrote that the downgrade reflects "increasing concern about corruption investigations" and also Petrobras' liquidity and debt burden, which is about $100 billion.

It's the latest sign of the quick fall from grace of Petrobras, which not long ago was seen as an industry darling prepared to lead development of Brazil's recent finds of massive offshore oil basins that could hold upward of 100 billion barrels and propel the country to developed-world status.

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Tags: OIL, BRAZIL, PETROBRAS, RUSSIA, MOODY'S, TRANSNEFT

Chronicle:

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