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Petrobras has seen its 5-year credit default swaps rate rise to an 18-month high of 177 basis points because investors believe its credit rating will be cut after a plan raised the relative risk associated with the state-run oil producer’s debt. The current rate for Brasil debt is 117 basis points.
President Lula da Silva last year introduced oil regulations that include plans to exchange as much as 5 billion barrels of deepwater reserves for stock in Petrobras, where the state holds 32%.
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