Unlike Moody's and S&P that have downgraded Petrobras to junk, Fitch kept the rating of the company at a notch above junk and maintaining its investment grade same as the sovereign rating of Brazil but with a negative outlook at "BBB-".
Petrobras – Clarification on news: Business in Benin
Petrobras - Clarification on news: Business in Benin 10/14/2015 Rio de Janeiro, October 14, 2015 – Petróleo Brasileiro S.A. – Petrobras hereby complies with OFFICIAL LETTER 405/2015/CVM/SEP/GEA-1, which requests clarifications as follows: OFFICIAL LETTER No 405/2015/CVM/SEP/GEA-1 “We refer to the news article published on October 11, 2015 in the O Globo newspaper, O País [The... Continue Reading →
Petrobras – Clarification of News Item: Negotiations of Petrobras Distribuidora Shares with Foreign Investors
Petrobras - Clarification of News Item: Negotiations of Petrobras Distribuidora Shares with Foreign Investors 10/14/2015 Rio de Janeiro, October 14, 2015 – Petróleo Brasileiro S.A. – Petrobras hereby responds of Official Letter 407/2015/CVM/SEP/GEA-1, as transcribed below: Official Letter 407/2015/CVM/SEP/GEA-1 We refer to the news item published in the Painel section of the October 11, 2015... Continue Reading →
Impeaching a Brazilian President Is Complicated: a Quick Guide
Impeachment proceedings in Brazil start if lower house President Eduardo Cunha accepts what he considers to be a legitimate petition and puts it to a vote. That would set in motion a protracted proceeding that involves several votes in Congress and potentially result in President Dilma Rousseff’s removal from office. Charges against Rousseff range from... Continue Reading →
Fitch cuts Brazil rating, says investment grade at risk
Fitch Ratings on Thursday cut Brazil's credit rating to the brink of junk, warning the country could soon lose its coveted investment grade rating as government finances deteriorate amid a prolonged recession and persistent political uncertainty. The decision, which is likely to increase borrowing costs for the government and Brazilian companies, piles pressure on President... Continue Reading →
UPDATE 1-Petrobras begins search for fuel distribution unit partner
State-controlled oil producer Petróleo Brasileiro SA has begun a search for a strategic partner for fuel distribution unit BR Distribuidora, which in recent weeks scrapped an initial public offering plan in light of deteriorating market conditions. In a securities filing on Wednesday, the board of Petrobras, as the oil firm is commonly known, gave the... Continue Reading →
Petrobras Said to Cancel Local Bond Sale Amid Weak Demand
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 &... Continue Reading →
Petrobras – Drilling of new wells confirms the Libra area potential
Petrobras - Drilling of new wells confirms the Libra area potential 10/14/2015 Rio de Janeiro, October 14, 2015 – Petróleo Brasileiro S.A. – Petrobras informs that the consortium responsible for the Libra area, in the pre-salt of Santos Basin, has concluded the drilling of well 3-BRSA-1310-RJS, located in the central portion of the block. This... Continue Reading →
Brazil currency hedging jumps in Sept, Cetip data shows
Wed Oct 14, 2015 Reuters Brazil currency hedging jumps in Sept, Cetip data shows Oct 14 Brazilian companies took on $32.3 billion worth of contracts to protect themselves against currency swings in September, when the real currency plunged to an all-time low, data from clearinghouse and market data provider Cetip SA Mercados Organizados showed on... Continue Reading →
Petrobras saved $3.8 billion this year by managing debt better: CE
Wed Oct 14, 2015 Petrobras saved $3.8 billion this year by managing debt better: CEO Reuters People walk in front of the Petrobras headquarters in Rio de Janeiro February 2, 2015. REUTERS/SERGIO MORAES Brazilian state-run oil company Petroleo Brasileiro SA has saved $3.8 billion this year by improving the way it manages its debt, Chief... Continue Reading →
Brazil Energy Insight 