Petrobras informs that Moody's Investors Service reviewed Petrobras' global foreign currency debt ratings from Baa2 to Baa3. This rating is still on review. This grade maintains Petrobras as an Investment Grade Company.
According to Moody's, this revision reflects concerns with the ongoing investigation of improper payments and possible liquidity pressures that may arise if the Company is not able to timely deliver its audited financial statements.
According to the agency, the release of unaudited financial statements for the third quarter 2014, without revisions to reflect overpayments tied to past misconduct, heightens uncertainty about the capacity of the Company to timely deliver its audited financial statements as required by its covenants.
Moody's affirms that will consider further developments in the ongoing corruption investigation and the progress towards normal production of financial statements. The agency also takes into account the possibility of government support, in case of need, and states that Petrobras' rating would be sensitive to any change in the government's rating, financial leverage increases and production targets.
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