Petróleo Brasileiro S.A. – Petrobras informs that the rating agency Fitch reaffirmed its rating at “BB-“, with stable outlook, following Brazil’s rating. The stand-alone rating was also reaffirmed at “bbb”, four notches above the country.
The agency considers Petrobras’ ratings to be linked to those of the sovereign given the Company’s strategic importance to the country and government control. Fitch considers that the stand-alone rating reflects the Company’s leverage profile, its proven reserves, and its operational scale, comparable to investment-grade international oil companies.
Fitch also pointed out that it expects the Company to continue to generate positive free cash flow while investing enough to replenish its reserves.