Petroleo Brasileiro SA is looking to fight back the junk debt ratings that have made its borrowing costs balloon.
The oil industry’s most indebted major producer is studying ways to borrow against future crude exports as part of an effort to cut its dependency on international capital markets, Chief Financial Officer Ivan Monteiro said during a conference call Friday. This month it’s also completing deals to sell two massive production tankers that cost it more than $1 billion, only to lease them back from the buyers, he said.
“We don’t want to sanction the high yields offered by the market,” Monteiro told reporters in Rio de Janeiro on Thursday. “There are a number of alternatives on the table.”
Brazil Energy Insight 
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