Petrobras Credit Traders Signal Brazil Support Not Enough By Peter Millard Filipe Pacheco 9:35 PM BRT February 26, 2015 (Bloomberg) -- As the fallout from a widening bribery probe plunges Petroleo Brasileiro SA into junk, derivatives traders are signaling that government support alone may not be enough to stave off more ratings cuts. Compared with... Continue Reading →
BRAZIL Latin America’s erstwhile star is in its worst mess since the early 1990s
Brazil In a quagmire Latin America’s erstwhile star is in its worst mess since the early 1990s Feb 28th 2015 | From the print edition The Economist Brazil’s economy is in a mess, with far bigger problems than the government will admit or investors seem to register. The torpid stagnation into which it fell in 2013 is... Continue Reading →
Brazil State Bank Petrobras Rescue Seen as Blow to Credibility
Brazil State Bank Petrobras Rescue Seen as Blow to Credibility By David Biller 3:41 PM BRT February 26, 2015 (Bloomberg) -- State bank loans for Brazil’s beleaguered state-run oil producer would be a blow to the Finance Ministry’s efforts to shore up market confidence and avoid a sovereign downgrade, say analysts interviewed by Bloomberg. Brazil’s... Continue Reading →
Petrobras Seeks Funds as BofA Sees Need for Asset Sales
Petrobras Seeks Funds as BofA Sees Need for Asset Sales By Peter Millard 10:08 AM BRT February 26, 2015 (Bloomberg) -- Petroleo Brasileiro SA, the world’s most-indebted publicly traded oil company, said it’s seeking financing options and studying cost cuts following a downgrade to junk by Moody’s Investors Service. Petrobras, as Brazil’s state-run oil... Continue Reading →
Downgrade of Brazil Oil Giant Stirs Wider Concern
Downgrade of Brazil Oil Giant Stirs Wider Concern Moody’s move to lower Petrobras’s debt to junk status sparks worries for broader economy WALL STREET JOURNAL By WILL CONNORS and PAULO TREVISANI Updated Feb. 25, 2015 9:35 p.m. ET SÃO PAULO—A decision by a major credit-rating firm to downgrade to junk status the debt of Petróleo Brasileiro SA is... Continue Reading →
Petrobras Rig Bust Threatens Rolls-Royce Deal: Corporate Brazil
Petrobras Rig Bust Threatens Rolls-Royce Deal: Corporate Brazil By Christiana Sciaudone Peter Millard 12:00 AM BRT February 26, 2015 (Bloomberg) -- Rolls-Royce Plc and General Electric Co. are among oil-industry suppliers whose contracts in Brazil may be casualties of the spreading corruption scandal involving Petroleo Brasileiro SA. The two companies were set to make parts... Continue Reading →
Brazil: 10 good reasons to think the two-month-old government will go
Brazil: 10 good reasons to think the two-month-old government will go Jonathan Wheatley Financial Times So much is going wrong in Brazil that it is hard to keep up. For years, critics have accused the government of incompetence. Now its actions are looking catastrophic – so much so that there are good reasons to think... Continue Reading →
Brazil hit by Petrobras downgrade
http://www.ft.com/cms/s/0/e8da11d2-bd0f-11e4-b523-00144feab7de.html#ixzz3SmyDq1rT February 25, 2015 5:37 pm Brazil hit by Petrobras downgrade Joe Leahy in São Paulo and Vivianne Rodrigues in New York ©Getty Brazilian bonds, equities and currency were rocked on Wednesday after Moody’s cut its ratings of state-controlled oil company Petrobras to junk status, citing a corruption scandal at the company. The move by Moody’s — the first... Continue Reading →
Petrobras Junk Rating Pressures Brazil’s Levy to Deliver
Petrobras Junk Rating Pressures Brazil’s Levy to Deliver By Raymond Colitt 2:17 PM BRT February 25, 2015 (Bloomberg) -- Petrobras’s downgrade to junk credit rating is adding to pressure on Brazil’s new Finance Minister Joaquim Levy to deliver on spending cuts or risk a similar fate for Latin America’s largest economy. Moody’s Investors Service... Continue Reading →
Petrobras cancelled the renewal of four rig contracts
Petrobras cancelled the renewal of four rig contracts: Seadrill – West Taurus contract ending this month and West Eminence with contract ending in July 2015. People in the know say daily rate was above present market conditions. Diamond Offshore – Ocean Baroness contract ending in September 2015. Diamond tried to negotiate a 3 year extension.... Continue Reading →
Brazil Energy Insight 