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. <\/p>\n
According to Moody’s report, the changes to Baa3 reflect the ongoing corruption-related investigations about the state-owned company. <\/p>\n
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. <\/p>\n
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. <\/p>\n
“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. <\/p>\n
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. <\/p>\n
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. <\/p>\n
*Translated by Sérgio Kakitani<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":" Credit rating agency downgraded the state-owned oil company from Baa2 to Baa3. The company, however, maintained its investment grade.<\/p>\n","protected":false},"author":2315,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[91],"tags":[],"class_list":{"0":"post-50130","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-economy"},"wps_subtitle":"Credit rating agency downgraded the state-owned oil company from Baa2 to Baa3. The company, however, maintained its investment grade.","_links":{"self":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/posts\/50130","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/users\/2315"}],"replies":[{"embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/comments?post=50130"}],"version-history":[{"count":0,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/posts\/50130\/revisions"}],"wp:attachment":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/media?parent=50130"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/categories?post=50130"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/tags?post=50130"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}