São Paulo – The Brazilian oil company Petrobras informed last week that the risk rating agency Moody’s has upgraded its foreign currency debt rating from Baa1 to A3. The rating includes the state-owned enterprise’s subsidiaries that are guaranteed by the parent company.
According to Petrobras, the decision came after the upgrading of Brazil’s long-term sovereign debt rating in foreign currency from Baa3 to Baa2. The company added that the foreign currency rating of its debt is now equal to the global scale local currency rating.
According to the company, the rating covers all global debt securities issued by Petrobras International Financial Company (Pifco). Petrobras believes that the decision will contribute to increase the number of investors purchasing its bonds, and improve fundraising conditions.
*Translated by Gabriel Pomerancblum