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Name | Symbol | Market | Type |
---|---|---|---|
Petroleo Brasileiro ADR | NYSE:PBR | NYSE | Depository Receipt |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.03 | 0.18% | 17.08 | 17.15 | 16.82 | 16.85 | 20,004,626 | 01:00:00 |
SÃO PAULO--Moody's Investors Service said Monday that it confirmed all ratings for Brazilian state-run energy giant Petróleo Brasileiro S.A. with a stable outlook for the company and its guaranteed debt.
The announcement concludes Moody's review for downgrade. In February, the ratings firm downgraded Petrobras's debt, cutting the company's rating to Ba2, two steps into junk, amid a corruption investigation in Brazil.
Monday's rating affirmation follows the release of Petrobras's first audited financial statements in more than eight months. Last week, Petrobras said it wrote off $2.1 billion due to the alleged corruption scandal. The oil giant also booked an impairment charge of $14.8 billion, determining that assets were overvalued on its balance sheet.
"The confirmation of Petrobras" rating reflects Moody's belief that the provision of audited financial statements eliminates the near term prospect of debt acceleration resulting from violation of covenants in indentures and loan agreements," Moody's said in a statement Monday.
Petrobras's earnings release came days before an April 30 deadline that could have allowed Petrobras's bondholders to request early repayment.
Moody's also said Monday that the company's ratings reflect challenges related to the corruption investigation, which creates management distractions that may hinder efforts to improve operations as well as ongoing concerns about corporate governance and the need to improve internal controls.
Petrobras shares and reputation have been hurt by allegations that former executives at the oil company received bribes from construction firms and service providers in exchange for contracts.
The oil company has said it is a victim of the kickback bribery scheme and said it has cooperated with authorities.
Moody's said Monday it expects Petrobras's financial performance to decline in 2015 before beginning an improving trend as oil prices slowly recover and management initiatives to improve operations and sell assets begin to have a material effect.
Write to Luciana Magalhaes at luciana.magalhaes@dowjones.com
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