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Fitch lowers SBM Baleia Azul
Fitch Ratings said it downgraded SBM Baleia Azul Sarl’s senior secured notes to BB+ from BBB-.
The outlook is negative.
The ratings also were removed from Rating Watch negative.
The notes are backed by the flows related to the charter agreement signed with Petroleo Brasileiro SA (Petrobras) for the use of the floating-production storage and offloading unit Cidade de Anchieta for a term of 18 years, Fitch said.
The downgrades reflect the weakening credit quality of SBM related to Petrobras’ willingness to honor underlying charter and service agreements, the agency said.
The downgrades also consider the continued pressure on the industry caused by stressed oil prices and changes in worldwide supply and demand dynamics, Fitch said.
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