Brasília – The credit rating agency Moody’s released a statement informing that it had downgraded all ratings (grades) for Petrobras. Among these, the agency downgraded the foreign currency debt rating. The classification went from Baa2 to Baa3.
According to Moody’s report, the changes to Baa3 reflect the ongoing corruption-related investigations about the state-owned company.
The agency mentioned Petrobras’s third-quarter earnings results, which were delayed twice and that didn’t include write-downs of assets tied to the investigations of Lava Jato operation. The results also weren’t audited by the appointed independent auditor.
For Moody’s, the corruption investigations as well as the delay and problems with the statements released could invite pressure over the company’s liquidity.
“Petrobras failed to provide any clarity about the magnitude of these adjustments [concerning the assets tied to corruption]. The lack of progress in disclosing approximate adjustment amounts is not an encouraging sign for the timely release of audited year-end financial statements”, says the note.
The agency said that the ratings remain on review for further downgrade. Petrobras released a statement announcing to its investors the downgrade issued by the ratings agency and that its grades remains under review.
The board of directors of the state-owned company pointed out that it kept its investment grade (grade issued to countries and companies with low default risk), despite the downgrade of the debt risk to Baa3.
*Translated by Sérgio Kakitani