Brasília – Credit rating agency Moody’s upgraded the Brazilian state-owned oil company Petrobras’ rating from B2 to B1 with a positive outlook, an indication that further upgrading could be in store. Despite the move announced this Monday (10), Petrobras is still four grades below so-called investment grade – which means a country or company is not liable to default on its debt.
Moody’s stripped Petrobras off its investment grade after probe Operação Lava Jato uncovered corruption schemes were underway in the company. A year later, Petrobras had sunk to the lowest grade possible. By October, however, Moody’s had notched up its score again to B2.
In February, Standard & Poor’s, another rating agency, changed Petrobras’ grade from B+ to BB-, which is three grades below investment grade.
*Translated by Gabriel Pomerancblum
