Blog: Standard & Poor’s downgrades Petrobras after Brazil sovereign cut

According to Reuters, Standard & Poor’s has downgraded the foreign currency bond rating of Brazil’s state-run oil company Petroleo Brasileiro SA or Petrobras to “B+” from “BB” after the ratings agency cut Brazil’s sovereign rating on Wednesday.

Until a corruption scandal and oil price drop undermined its finances in 2014 and 2015, Petrobras often had a rating higher than the Brazilian government.

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