From: Daniel Sabba To: [email protected] <'eevacation mail.com> c: V h ani n < er w: =1 etro ras ut to un .y ys as ro•e obbles Oil Producer Sent Wednesday, February 25, 2015 10:22:42 AM Classification: Public We have been discussing this potential event for some time now... It should be positive to CDS position. Great trade Jeffrey. From: Daniel Sabba (DEUTSCHE BANK SECURI) [mailto Sent: Wednesday, February 25, 2015 05:19 AM Subject: (BN) Petrobras Cut to Junk by Moody's as Probe Hobbles Oil Producer Sent from Bloomberg Professional for iPhone This has been prepared solely for informational purposes. It is not an offer, recommendation or so licitation to buy or sell, nor is it an official confirmation of terms. It is based on information gener ally available to the public from sources believed to be reliable. No representation is made that it i s accurate or complete or that any returns indicated will be achieved. Changes to assumptions ma y have a material impact on any returns detailed. Past performance is not indicative of future retur ns. Price and availability are subject to change without notice. Additional information is available upon request. Petrobras Cut to Junk by Moody's as Probe Hobbles Oil Producer 2015-02-25 02:12:47.192 GMT By Filipe Pacheco and Sabrina Valle (Bloomberg) -- Petroleo Brasileiro SA's descent into junk- bond status may be far from over. Moody's Investors Service kept a negative outlook on the state-controlled oil producer's rating after cutting it to Ba2, two levels below investment grade, on Tuesday. The two-step downgrade marks the second cut by Moody's in less than a month for the company, which is embroiled in a widening graft probe. Petrobras's bonds and stock have plunged since November, when police arrested more than 20 people as part of an investigation into whether company executives demanded bribes from builders in exchange for contracts. Fitch Ratings and Standard & Poor's rate t