Shares of Brazil's Petrobras and Eletrobras drop on S&P downgrade
SAO PAULO, March 25 (Reuters) - Shares of Brazilian state-controlled companies Petroleo Brasileiro SA and Centrais Eletricas Brasilieras SA dropped in opening trade on Tuesday after Standard & Poor's lowered the credit ratings of both to BBB minus from BBB on Monday, in line with its downgrade of the country's sovereign debt.
At 10:05 a.m. (1305 GMT), Centrais Eletricas, known as Eletrobras, was down 1.1 percent to 10.31 reais. Petroleo Brasileiro, known as Petrobras, fell 0.6 percent to 14.32 reais. (Reporting by Asher Levine; Editing by Jeffrey Benkoe)
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