Moody’s analyst says Parente resignation is credit negative for Petrobras

SAO PAULO, June 1 (Reuters) – Petrobras Chief Executive Pedro Parente’s resignation is credit negative for Brazil’s state-controlled oil company, Moody’s senior analyst Nymia Almeida said on Friday in an e-mail to Reuters.

Moody’s did not mention a downgrade in Petrobras’ rating, which is currently Ba2, but the analyst said Parente’s resignation may indicate that the recent trend of Petrobras’ improving financial indicators is impaired.

Parente resigned on Friday after Brazil’s government responded to a truckers strike by intervening in the company’s fuel pricing policy.

Reporting by Carolina Mandl; Editing by Cynthia Osterman



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