Rio de Janeiro, April 10, 2017 – Petróleo Brasileiro S.A. – Petrobras informs that the rating agency Moody’s upgraded the company’s corporate debt rating to B1 from B2 and changed the outlook to positive from stable.
Moody’s highlighted the continuous improvement of Petrobras’ liquidity profile and financial metrics over the last quarters on its report, due to greater cost efficiency and the new fuel pricing policy, among other factors. Those factors have also helped the company to maintain access to capital markets and refinance part of its debt.
The agency emphasized developments in the Brazilian regulatory environment, which facilitate greater returns in long-term investments. Additionally, the agency recognized the company’s management commitment to achieve the financial and operating targets set in the 2017-2021 Business and Management Plan.
Finally, the agency reported that the positive outlook indicates that, in the next 18 months, if the company’s liquidity and overall credit risk continues to improve, further positive rating actions could occur.