The short-end of the Petrobras bond curve, which faced the brunt of a recent sell-off, continued to strengthen on Monday and gave a solid boost to LatAm credit markets. The 2017s and 2019s issued by the Brazilian state-owned oil company were about 50bp tighter versus Friday, according to a New York based trader. Today's rally... Continue Reading →
Number of Brazil in-court reorganizations hit record in Jan-Sept
The number of requests for bankruptcy protection in Brazil soared to an all-time high in the first nine months as the steepest recession in a quarter century and rising borrowing costs hammered hundreds of small- and mid-sized firms, credit research company Serasa Experian said on Monday. The number of requests for court protection from creditors... Continue Reading →
BP’s Record Oil Spill Settlement Rises to More Than $20 Billion
The value of BP Plc’s settlement with the U.S. government and five Gulf states over the Deepwater Horizon oil spill will rise to $20.8 billion, an increase of $2 billion from an agreement reached in July, said the U.S. Department of Justice. The settlement is the largest in the department’s history and resolves the government’s... Continue Reading →
Press release – S&P Lowers Ratings On OOG, Places Rtgs On Watch Neg
NEW YORK (Standard & Poor's) Oct. 2, 2015--Standard & Poor's Ratings Services said today it lowered its corporate credit and issue-level ratings on Odebrecht Oleo e Gas S.A. (OOG) to 'B' from 'BB-'. At the same time, we placed the ratings on CreditWatch with negative implications. In addition, we lowered the company's SACP to 'b-'... Continue Reading →
Fitch Downgrades Rio Oil Finance Trust Issuances; Outlook Negative – Press Release
The State of Rio de Janeiro Public Servants Pension Fund issued dollar obligations backed by future Oil Royalties due to the state of Rio that now have broken certain covenants and investors are retaining part of the royalties paid. Another victim of the Petrobras scandal and low oil production and prices. Fitch Ratings has downgraded... Continue Reading →
Brazil attorney general urges new judge for key Rousseff case
Brazil's attorney general argued on Sunday for the removal of a judge overseeing an investigation of embattled President Dilma Rousseff's accounts, a last-minute attempt to avoid a ruling that could lead to her impeachment. Attorney General Luis Inacio Adams said Judge Augusto Nardes of the Federal Accounts Court, or TCU, had erred in making his... Continue Reading →
Petrobras – Clarification on news article: Reduction in Investment
Petrobras - Clarification on news article: Reduction in Investments 10/02/2015 Rio de Janeiro, October 2, 2015 – Petróleo Brasileiro S.A. – Petrobras hereby complies with LETTER BM&FBovespa 3015/2015-SAE, which requests the following clarification: LETTER BM&FBovespa 3015/2015-SAE “A news article published in the Valor Econômico newspaper on October 2, 2015 features, among other information, that this... Continue Reading →
Former Petrobras CEO Jose Dutra Dead at 58, Workers’ Party Says
Jose Eduardo Dutra, former Petroleo Brasileiro SA chief executive and Workers’ Party president, died Sunday after battling cancer, the party’s website said. He was 58. Dutra, a union leader and party member who was elected senator in 1994, became the state-run energy company’s first CEO under the four consecutive Workers’ Party governments, in 2003. He... Continue Reading →
Exxon, Chevron Outlooks Cut to Negative by S&P in Oil Slump
Exxon Mobil Corp. and Chevron Corp. were among several U.S. oil and natural gas producers that had their outlooks or ratings cut by Standard & Poor’s as the industry suffers from weak crude prices, hurting their cash flow and liquidity. S&P cut ratings for Chesapeake Energy Corp., Denbury Resources and Whiting Petroleum Corp., while giving... Continue Reading →
Brazil court allows Lula questioning in Petrobras corruption case
Brazil's Supreme Court authorized the questioning by police of ex-President Luiz Inácio Lula da Silva in a broadening corruption case focused on state-run oil company Petrobras, a representative for the court said on Friday. The original motion for permission to question Lula as a witness, which was filed last month, said the popular leader "may... Continue Reading →
Brazil Energy Insight 