Moody's downgrades Brazil's Petrobras, cites corruption probe
RIO DE JANEIRO Feb 24 (Reuters) - Ratings agency Moody's Investors Service said on Tuesday it downgraded debt of Brazil's state-run oil company Petrobras to Ba2 from Baa3, citing concerns over an ongoing corruption scandal and liquidity pressures.
Moody's said in a statement it thought Petroleo Brasileiro SA, as the oil company is formally known, would struggle to meaningfully reduce its "very high debt burden" in the next several years.
(Reporting by Stephen Eisenhammer; Editing by Chris Reese)
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