Petrobras shares sink as credit woes threaten plans

摘要

Rio de Janeiro-Shares of Brazil's state-controlled Petrobras plunged more than 14% October 6 to a 12-month low on fears that a credit squeeze and falling crude prices could derail plans to develop Brazil's massive new offshore discoveries.Petrobras'foreign-traded ADR shares fell 14.2% to 31.50 on the New York Stock Exchange in afternoon trading,their lowest level since September 2007.Petrobras'market value-around 128 billion-has plunged by 187 billion since late May.