The company’s five-year slide is close to 86%. Yes, even BP (NYSE: BP), shares of which had to endure the company’s malfeasance in the 2010 Gulf of Mexico oil spill, has outperformed Petrobras over the past half-decade. [Petrobras Pushes Brazil ETF Lower]

The Petrobras downgrade could also stir speculation regarding Brazil’s sovereign credit rating. Moody’s rates Brazil Baa2 with a negative outlook while Standard & Poor’s and Fitch rate the country BBB- and BBB, respectively, with stable outlooks.

In September, Moody’s lowered its outlook on Brazil’s sovereign debt rating to negative from stable. Last March, S&P lowered the country’s sovereign debt rating to BBB-, the lowest investment grade. [Brazil ETFs Deal With Ratings Downgrade]

iShares MSCI Brazil Capped ETF