21.10.2014 21:10:00

Petrobras Global Finance B.V. -- Moody's downgrades Petrobras' ratings to Baa2

New York, October 21, 2014 -- Moody's Investors Service downgraded Petrobras S.A.'s (Petrobras) global foreign currency and local currency debt ratings to Baa2 from Baa1. The downgrade reflects Petrobras' high financial leverage and Moody's belief that it is only likely to decline significantly well after 2016, contrary to our original expectations, given downward pressures on oil prices and the local currency as well as high capex commitments. The outlook remains negative.

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