Feb. 26 (Bloomberg) -- Brazil’s plan to build five submarines in cooperation with France may be jeopardized as the global financial crisis undercuts access to credit, Folha de Sao Paulo said, citing unidentified navy officials.

Brazil is seeking 8.5 billion reais ($3.6 billion) for the project announced last year to build one nuclear-powered and four diesel-powered submarines, the newspaper reported.

Brazil’s navy and defense ministry did not return e-mails and telephone calls by Bloomberg News seeking comment.

To contact the reporter on this story: Joshua Goodman in Rio de Janeiro jgoodman19@bloomberg.net

Last Updated: February 26, 2009 11:02 EST