S&P raises Petrobras’ rating

Photo courtesy Petrobras

By Joseph R. Fonseca

Petrobras announces that the credit rating agency
Standard & Poor's has raised its rating for the Company's
corporate debt to 'BB-' from 'B+' and changed its outlook to
stable from negative.

The agency stated that the improvement in Petrobras' rating
reflects the evolution of its liquidity and a robust cash
position that confers greater capacity to handle eventual
liabilities. The recovery in the relationship with domestic and
foreign banks and in Petrobras' capacity to access capital
markets was also highlighted by the agency, which considered debt
management operations to be positive. The progress in the
Divestment Program and the perspectives to reach the targets set
for 2017 and 2018 were also emphasized.

Standard & Poor's further stressed the management's focus on
profitability, a more balanced capital structure, and the
commitment to deleverage the company, as well as the consistency
of the new Pricing Policy, which enables greater visibility over
Petrobras' cash flow.

Feb 12, 2017

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