April 17, 2020
Petróleo Brasileiro S.A. – Petrobras announces that the rating agency S&P Global Ratings (S&P) affirmed the ”BB-“ global scale rating for Petrobras, with a stable outlook. The stand-alone credit profile remained at “bb”, one notch above the sovereign.
S&P highlighted that the company’s liquidity position remains strong despite forecasted lower operating cash flow due to the plunge in oil prices and demand contraction.
The agency also pointed out that Petrobras is currently in a much better position to face the industry downturn than several years ago, as the company has been focusing on several cost-reduction and efficiency measures, as well as asset sales, allowing it to reduce leverage sharp.