Standard & Poor's on Tuesday cut the rating of Odebrecht Engenharia e Construcao, Brazil's largest engineering and construction company, after the arrest of its chief executive and four other directors last week. S&P cited "reputational risks" to cut Odebrecht's rating by one notch to BBB-minus, its lowest investment grade and in line with Brazil's sovereign... Continue Reading →

Brazil's biggest corruption investigation could spread to its largest electric utility, Eletrobras, and more than a dozen foreign companies, a lead prosecutor said on Tuesday, in a sign of further turbulence for the country's business and political establishment. Read More

For embattled oil producer Petroleo Brasileiro SA, the 35 percent surge in crude prices since March should be a godsend. In fact, it’s making life even worse for the state-controlled company. Petrobras, which imports gasoline because it doesn’t produce enough to meet demand in Latin America’s biggest economy, is unable to raise fuel prices in... Continue Reading →

The majority of Brazil’s audit agency currently favors a recommendation to reject President Dilma Rousseff’s fiscal accounts, according to a person with direct knowledge of the matter. The agency, known as the TCU, last week decided to give Rousseff until July 23 to explain budget practices that it says violate the fiscal-responsibility law. A TCU... Continue Reading →

Colombia’s state-owned oil company is offering at least $500 million of 10-year dollar bonds in the overseas market as it seeks funds for investments. Read More

Plans by Brazil's Petrobras to sell its stake in ethanol and sugar producer Guarani SA have hit a snag as the state-run oil company has not been offered enough money for the asset, two sources with direct knowledge of the matter said. Read More

Brazil’s real led drops among major Latin American currencies amid concern that the nation’s credit rating is threatened as economic contraction forces Finance Minister Joaquim Levy to compromise on budget goals. Read More

Singapore shipbuilders Keppel Fels Ltd. and Jurong Shipyard Pte. are being investigated by the authorities. Keppel Fels and Jurong, a unit of Sembcorp Marine Ltd., were among a group of companies that allegedly paid bribes through intermediaries to win contracts to build 21 deep-water drilling vessels for about $800 million each, according to testimony released... Continue Reading →