Petrobras Rescue Could Cost Brazil $21 Billion, Citigroup Says

  • Leverage could increase to 6.5 times with oil at $20/barrel
  • Company is rated junk by Moody's, Fitch and Standard & Poors

Bailing-out state-controlled oil producer Petroleo Brasileiro SA could cost the government as much as $21 billion, according to research from Citigroup Inc.

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