`The ratings remain on review for further downgrade´ Moody´s said. Authorities allege that firms bribed former Petrobras executives to win inflated contracts worth as much as 4 billion dollars, and that some of that money was then funneled back to the ruling Workers‘ Party campaign coffers and those of its allies.
The scheme is among Brazil‘s biggest corruption scandals ever. Prosecutors have said that the scheme involved at least 800 million in bribes and other illegal funds. They expect that figure to grow as they keep investigating.