The agency noted on its report 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 with deleveraging, as well as the consistency of the new Pricing Policy, which enables greater visibility over Petrobras’ cash flow.

The agency also reinforced the progress in corporate governance and the measures adopted to improve internal controls, relationship with suppliers, and decision-making processes.