A Moody's downgrade to just a notch above junk topped off another rough week for Petrobras after the troubled oil company failed to reveal much awaited write-down calculations, disappointing investors and leaving spreads breaching recent wides. The release of unaudited results late Tuesday allowed the company to sidestep a possible technical default, but still left investors wondering about the ultimate cost of a kickback investigation that some analysts were calculating would lead to up to US$20bn-plus in write-downs.
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