Mention one or more consequences of the Petrobras scandal in Brazil Credit rating agencies downgraded both Petrobras' and the Brazilian government's debt. The scandal led to low demand for credit and to lower interest rates in Brazil. Credit rating agencies upgraded Petrobras' foreign currency debt from CC to BBB+. Credit rating agencies upgraded Petrobras' foreign currency debt from CC to BBB+. The scandal contributed to a recession that led to capital flight and higher interest rates