Brazil stocks fall 2 pct as Vale, OGX weigh
SAO PAULO, April 4
SAO PAULO, April 4 (Reuters) - Brazil's benchmark Bovespa stock index fell 2 percent on Thursday, as shares of oil producer OGX Petroleo e Gas Participacoes SA dropped below 2 reais for the first time.
Shares of OGX, controlled by billionaire Eike Batista, slid over 11 percent after Standard & Poor's lowered the company's debt rating to B-minus from B, citing lower-than-expected production levels.
Mining giant Vale's preferred shares dropped 3.8 percent after Brazil's Supreme Court on Wednesday put off a ruling that will decide on how the foreign profits of companies like Vale are treated by tax authorities.
At 1647 local time (1947 GMT), the Bovespa was down 2.02 percent at 54,442.16.
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