Brazilian bank Bndes grants record loan to bail out Petrobras

摘要

Brazilian development bank Bndes has granted Petrobras a record reals 25 ($13.5) billion loan to help finance the company's ambitious $174.4-billion 2009-13 business plan. The agreement, which was signed on July 30, aims to help Petrobras secure financing in tight credit markets. Platts sister company Standard & Poors cut the company's debt rating to BBB- from BBB (IGR 626/30).rnBndes president, Luciano Coutinho, told reporters the importance of helping finance Petrobras' five-year business plan this year and next if necessary until the company gets access to financing [from international markets], he said. Petrobras returned to the market in February by issuing $1.5 billion in debt.