Moody’s Investors Service has revised down Petrobras' foreign currency debt rating from Baa2 to Baa3, and will keep it under review. Petrobras is still classified as an Investment Grade Company.

According to Moody´s, this revision reflects concerns with the ongoing investigation into improper payments and possible liquidity pressures resulting from the delay in publishing audited financial statements.

According to the agency, the release of unaudited financial statements for the third quarter 2014 without taking into account overpayments related to corruption allegations heightens uncertainty regarding the Company’s capacity to deliver the audited financial statements required by its covenants.

Moody’s affirms that will consider further developments in the ongoing corruption investigation and progress made to publish properly audited financial statements. The agency is also taking into account the possibility of government support, if required, and warns that Petrobras’ rating could be sensitive to any change in the Brazilian government’s risk rating, financial leverage increases and production targets.