Fitch reaffirms Petrobras’ global ratings

Rio de Janeiro, January 26, 2017 – Petróleo Brasileiro S.A. – Petrobras informs that the rating agency Fitch has reaffirmed Petrobras’ global ratings at BB, with a negative outlook.

Fitch points out in its report that the Company’s liquidity is currently supported by a robust cash position, stable cash flow generation and its ability to access the debt capital markets to refinance debt.

The progress of the Divestment Program, which in 2015 and 2016 totaled US$ 13.6 billion, was emphasized. Fitch states that future debt reduction will depend on the success of Petrobras’ divestiture program in the next two years. The implementation of a diesel and gasoline price policy was also highlighted, as it demonstrates higher transparency and independence of current management.

Finally, the agency considers that the Company’s risk level continues to be linked to the sovereign risk, due to the government’s control of Petrobras and its strategic importance to Brazil, as its most important supplier of fuels.

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