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04.10.2013 00:29:00
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Petrobras Argentina S.A. -- Moody's downgrades Petrobras long-term debt ratings to Baa1
New York, October 03, 2013 -- Moody's Investors Service downgraded Petrobras S.A.'s (Petrobras) global foreign currency and local currency debt ratings to Baa1 from A3. The downgrade reflects Petrobras's high financial leverage and the expectation that the company will continue to have large negative cash flow over the next few years as it pursues its capital spending program. The outlook remains negative.
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