S&P cuts Petrobras' credit rating 2 notches to BB
Petrobras
Rio de Janeiro - Arab Today
Standard & Poors cut its credit rating for scandal-ridden Brazilian oil giant Petrobras on Thursday by two notches to BB.
The downgrade to "speculative" status for the state-owned company followed S&P's shock downgrade of the Brazilian sovereign credit rating to junk on Wednesday. Petrobras is reeling from a massive corruption scandal that cost the company an estimated $2.1 billion.
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