S&P raises Petrobras stand-alone credit profile

Rio de Janeiro, February 21, 2019 – Petróleo Brasileiro SA – Petrobras informs that the rating agency Standard & Poor’s (S&P) raised its stand-alone credit profile (SACP) to “bb” from ” bb-“, with a stable outlook, affirming its global rating at “BB-“.

The agency noted that the revision of Petrobras’ SACP reflects the company’s sound performance, driven by growing production, solid portfolio management – in terms of investment efficiency and asset sales – and its maintenance of effective and solid governance standards (including an independent price policy aligned to international markets) that allowed it to reduce debt.

Petrobras SACP is one notch higher than its global rating, which follows the Government of Brazil’s rating, the company’s controlling shareholder. In addition, the stable outlook incorporates the agency’s view that current management will remain committed to its goal of debt reduction, but that Brazil’s sovereign rating caps Petrobras rating.

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