Petroleo Brasileiro SA, the world’s biggest junk-rated borrower, canceled a plan to sell 3 billion reais ($790 million) of local bonds, according to a person familiar with the matter.
Petrobras couldn’t raise as much as it wanted because of lackluster demand after the state-controlled oil producer’s credit rating was cut to junk by Standard & Poor’s last month, said the person, who asked not to be identified because the information is private. It could attempt to sell the bonds at a later date, the person said. The company’s press office didn’t immediately respond to a request for comment.
Brazil Energy Insight 
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