S&P cuts Petrobras, Eletrobas credit ratings to BBB-

BRASILIA, March 24 Mon Mar 24, 2014 10:23pm EDT

BRASILIA, March 24 (Reuters) - Standard & Poor's cut the ratings of Brazilian state-run oil company Petroleo Brasileiro SA and Brazils largest utility Eletrobras to BBB- from BBB on Monday in line with its earlier decision to downgrade the country's sovereign debt.

The agency cut Brazil's long-term debt rating one notch to BBB-, its lowest investment-grade, due to mixed policy signals from President Dilma Rousseffs government that had undermined its fiscal credibility and a slow growth outlook for the next two years.

S&P also cut the credit rating of mining company Samarco, which is owned by Vale and BHP Billiton, to BBB- from BBB. The outlook for all three Brazilian companies is stable, the agency said.

(Reporting by Anthony Boadle; Editing by Michael Perry)


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