Moody's Lowers Petrobras Credit Rating

摘要

Moody's has downgraded Petrobras' credit rating one notch to Baa2 -- its second-lowest investment grade rating -- citing the Brazilian company's mounting debt and the impact of declining oil prices on its upstream revenues. Petrobras has long been one of the world's most heavily indebted major oil companies. Moody's calculates that Petrobras' adjusted debt through the first six months of the year amounted to $170 billion -- a 25% increase from December 2013.