Epstein Secrets

arlos Gribel, the head of fixed income at Andbanc Brokerage LLC, said by telephone from Miami. "The main concern now will be another cut to junk by Fitch or S&P, which could lead the company's bonds to be sold by many institutional investors." The probe prompted Chief Executive Officer Maria das Grac

uesday. The two-step downgrade marks the second cut by Moody's in less than a month for the company, which is embroiled in a widening graft probe. Petrobras's bonds and stock have plunged since November, when police arrested more than 20 people as part of an investigation into whether company executives

years), and the possibility of significant subordination are important risk to bondholders. Petrobras has only one investment-grade rating (BBB- by Fitch) and two non- investment-grade ratings (Ba2 by Moody's and BB by S&P) and ratings upgrades are not likely in the near term, in our view. The key pos

ds, albeit a timely show of government support and a meaningful improvement in the oil price or the Brazilian macro/fiscal dynamics, we believe the Petrobras curve should be steeper beyond the 2018 maturities (it is now flattish). In any case, Petrobras' longer- dated bonds may continue well supported in

years), and the possibility of significant subordination are important risk to bondholders. Petrobras has only one investment-grade rating (BBB- by Fitch) and two non- investment-grade ratings (Ba2 by Moody's and BB by S&P) and ratings upgrades are not likely in the near term, in our view. The key pos

ds, albeit a timely show of government support and a meaningful improvement in the oil price or the Brazilian macro/fiscal dynamics, we believe the Petrobras curve should be steeper beyond the 2018 maturities (it is now flattish). In any case, Petrobras' longer- dated bonds may continue well supported in

ars despite strong sales growth (Figure 34 and Figure 35), which has itself been boosted by the increase in debt/GDP for the broader economy which Fitch estimates at around 80% over the past five years. Whilst the Renminbi has been extremely strong this year, we continue to think that at some stage

oth absolute terms and relative to their private sector peers (Figure 58). The outstanding company specific issue at present is the extent to which Petrobras is forced to subsidise the rest of the economy via both product prices which impose losses on the company, and also through a very demanding local