Petroleo Brasileiro SA was rewarded with its first rating upgrade in five years after it stepped up efforts to unload assets and began implementing a new fuel price policy.
Petrobras, as the Rio de Janeiro-based oil company is known, had its rating raised one level to B2 by Moody’s Investors Service, which pointed to lower liquidity risk and prospects for better operating performance. The outlook on the rating, which is five levels below investment grade, is stable.
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