New York, August 11, 2015 — Moody’s Investors Service affirmed all ratings for Petroleo Brasileiro S.A. (Petrobras) and ratings based on Petrobras’ guarantee. This includes the affirmation of Petrobras’ Ba2 senior unsecured debt rating. The company’s b2 baseline credit assessment (BCA) is unchanged. The outlook is stable for Petrobras and its guaranteed debt. The unguaranteed ratings of Petrobras Argentina S.A., including the B2 Corporate Family Rating, were affirmed. The rating outlook for unguaranteed ratings of Petrobras Argentina is stable.

This rating action follows Moody’s August 11, 2015 downgrade of Brazil’s government bond rating to Baa3 from Baa2. The rating agency also changed the outlook on the rating to stable from negative. For more information, please see “Moody’s downgrades Brazil’s rating to Baa3 from Baa2; outlook changed to stable,” available at moodys.com.

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