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Petrobras – Petroleo Brasileiro (NYSE:PBR): Current price $15.89
Chief Executive Maria das Graças Foster of Brazil’s state-controlled oil firm has warned the government about rising debt levels that could put the company’s investment grade credit rating at risk, according to a São Paulo newspaper on Saturday. Foster said that the firm’s debt will far exceed its internal target unless Brazil sees higher fuel prices, in a meeting with Brazil’s Finance Minister Guido Mantega, telling him that the debt could hit 3.5 times earnings before interest, taxes, depreciation and amortization by the fourth quarter of 2013.
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