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Petrobras Essay

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The world’s most indebted company delayed its earnings release due to a broad corruption scandal and the recent arrests during “Operation Car Wash” which has threatened the market and investors.

On Friday, Petroleo Brasileiro Petrobras SA (ADR) (NYSE:PBR) set a new record low for its share price in more than a decade, which saw its stock ranging between $9.51-$10.04. Petrobras stock tumbled 2.5% Friday on New York Stock Exchange (NYSE). The yield on its bonds surged sharply upwards. The Brazilian real hit its lowest in nine years.

Disappointed investors and mutual funds agencies

The current President Dilma Rousseff, who was the chief executive of Petrobras before taking the presidential throne in 2010, is not the only one, nonetheless, …show more content…
The Petrobras' global bond, due in 2024 plummeted, slumped to 100.75 cents on the dollar early on Friday, down from 104.5 cents in the previous trading session, due to rising concerns of a default.

The company has delayed earnings for the third time and now plans to release unaudited earnings by December 12. Earlier this month, PricewaterhouseCoopers, the Petrobras’ independent official auditor, had declined to signoff on the quarterly results without a detailed internal investigation.

Petrobras hired two law firms, which include Brazilian law firm Trench, Rossi and Watanabe and US law firm Gibson, Dunn & Crutcher last month to examine potential deviations of company resources. The company looks serious about the case and believes to be a victim of the corruption itself.

Moody’s Investors service, rating agency, stated that it has been eyeing on the current developments, the earnings delay would not further lead to a downgrade, which stands at Baa2, in the near-term.

Goldman Sachs (NYSE:GS) has already downgraded Petrobras to Neutral while Cowen Group Inc (NASDAQ:COWN) has also downgraded the rating to Market

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