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Petrobras Seeks Funds as BofA Sees Need for Asset Sales

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Petroleo Brasileiro SA, the world’s most-indebted publicly traded oil company, said it’s exploring financing options and studying cost cuts following a downgrade to junk by Moody’s Investors Service.

Petrobras, as Brazil’s state-run oil producer is known, plans to release audited results “as soon as possible” and is taking steps to preserve cash and cut its debt load, according to a statement released late Wednesday in Rio de Janeiro. The company needs to sell at least $20 billion in assets and reduce capital expenditures to about $25 billion this year to improve finances, Bank of America Corp. said in a report.