NEW YORK (TheStreet) -- Shares of Brazilian state-run energy company Petrobras (PBR.A) fell 1.31% to $6.03 in early afternoon trading Friday as the Brazilian Supreme Court is expected to unseal a list of 54 names today, including congressmen and some federal officials, who could be investigated in the ongoing multi-billion-dollar corruption scandal at the company.

"Leaks suggest that the list contains the names of at least two powerful figures: Eduardo Cunha and Renan Calheiros, speakers of the lower house of Congress and the Senate, respectively," reports The Economist. "Both belong to the main partner of [President] Dilma Rousseff's Workers' Party in the governing coalition. Both men deny doing wrong."

J.P. Morgan also downgraded Petrobras' debt to "neutral" late Wednesday and downgraded Brazil's sovereign debt to "underweight" from "market weight."

The firm estimated that Petrobras would not need to issue debt this year but could require between $20 billion and $35 billion in bank financing between 2016 and 2017.

Insight from TheStreet's Research Team:

Casey Hoerth recently commented on Petrobras in an article about Seadrill  (SDRL) - Get Report on Real Money:

There is more bad news for Seadrill. Petrobras announced it would not extend its contracts on two semi-submersible drillships, the West Eminence and the West Taurus, as previously indicated.

Those two ships account for $1.1 billion of the company's $18.7 billion backlog. When taken with some other looming events, and considering the massive drop in crude oil prices, the trend could be worrying.

Let's first examine the impact on Seadrill's cash flow. It's no surprise that Petrobras didn't want to continue the contracts as they were. The contracts for West Eminence and West Taurus carried the highest day rates on Seadrill's books: $626,800 and $659,000, respectively. In not extending the previous contracts, Petrobras has not reneged on any deal. The terms of both service contracts were coming to a close; Petrobras had an option to extend, indicated it wanted to, but is now declining to do so. Negotiations continue.

Some three months ago, Seadrill and Petrobras made a deal for two other drillships -- the West Tellus and West Carina -- for day rates of approximately $500,000. Petrobras likely wants even lower rates for the West Taurus and West Eminence.

- Casey Hoerth, 'Seadrill Trying to Save Petrobras Deal' originally published 2/18/2015 on RealMoney

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Separately, TheStreet Ratings team rates PETROBRAS-PETROLEO BRASILIER as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:

"We rate PETROBRAS-PETROLEO BRASILIER (PBR.A) a HOLD. The primary factors that have impacted our rating are mixed ? some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, attractive valuation levels and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we also find weaknesses including disappointing return on equity, weak operating cash flow and poor profit margins."

You can view the full analysis from the report here: PBR.A Ratings Report