- Brazil stocks are sharply lower after Eletrobras (EBR -4.5%), the country’s largest utility by revenue, was cut to junk by Moody’s.
- While EBR showed “some financial improvement” in its Q1 earnings, its credit metrics remain too weak to remain at investment grade, Moody’s said, also citing an investigation on alleged bribes involving the former head of a subsidiary.
- Meanwhile, Pres. Rousseff is trying to salvage her presidency as things go from bad to worse amid the Petrobras (PBR -3.8%) corruption scandal, with a new poll finding that 63% of Brazilians favor impeachment proceedings.
- Brazilian opposition lawmakers are considering impeachment, either as an accessory to the corruption or for crimes of “irresponsibility” with finances.
- Also: PBR.A -3.8%, EBR.B -6.6%, VALE -0.2%, ELP -1.2%, CIG -3.3%, CPL -2%, SBS -4.7%, BSBR -2.7%, BBD -2.6%, ITUB -2.3%.
- ETFs: EWZ, BRF, BRZU, EWZS, BRXX, BRAQ, BZQ, BRAZ, BRAF, UBR, DBBR, FBZ
Brazil stocks slide as Eletrobras cut to junk by Moody’s
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About EBR Stock
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| Symbol | Last Price | % Chg |
|---|---|---|
| EBR | - | - |
| Centrais Elétricas Brasileiras S.A. - Eletrobrás | ||