PETROBRAS: Parente Resignation Is Negative For Credit Profile - Moody's

(RTTNews) - Pedro Parente's departure from Petrobras is negative for the state-owned oil company credit profile as it may jeopardize its pricing policies for fuels, said Nymia Almeida, a senior analyst at Moody's Investor Services.

"Pedro Parente's resignation as Petrobras' CEO is negative for the company's credit profile. Parente's departure may indicate that the trend of improvements in Petrobras' financial policies is compromised," she said.

Last week, Parente said that if the government chose to intervene in Petrobras' pricing policy, he would step down.

In his resignation letter, Parente said his decision was "irrevocable and irreversible," mentioning the truckers' strike as one of the reasons for his departure.