Petrobras - Fitch reaffirms Petrobras’ global ratings 10/15/2015 Rio de Janeiro, October 15th, 2015 – Petróleo Brasileiro S.A. – Petrobras informs that the rating agency Fitch has reaffirmed Petrobras’ global ratings at BBB-, with a negative outlook. Thus, Petrobras continues to be classified as an investment grade company for this agency. Fitch points out in... Continue Reading →
Brazil’s Real Weakens on Report Government Planning for Deficit
Brazil’s real weakened the most among major currencies on speculation the government will change this year’s budget target to show a deficit, highlighting its inability to shore up the country’s finances. Officials will revise this year’s budget target for the third time, forecasting a deficit excluding interest payments of 0.3 percent of gross domestic product, worse than the... Continue Reading →
Fitch keeps Petrobras rating at the cusp of investment grade
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 →
