Fitch lifts Petrobras

Fitch Ratings said it upgraded the foreign currency issuer default rating of Petroleos Brasileiro (Petrobras) to BBB- as well as its wholly owned subsidiary, Petrobras International Finance Co., which is unconditionally guaranteed by Petrobras.

Fitch said it has also assigned a local currency issuer default rating of BBB to Petrobras.

In conjunction with this action, Fitch said it upgraded the following debt instruments, financing vehicles and subsidiaries to BBB- from BB+ by Fitch: Petroleos Brasileiro and Petrobras International Funding's senior unsecured notes due 2008, senior unsecured notes due 2011, senior unsecured notes due 2013, senior unsecured notes due 2014, senior unsecured notes due 2016 and senior unsecured notes due 2018 and national long-term rating and following securities affirmed at AAA(bra), second issuance of debentures due 2012 and third issuance of debentures due 2010;

PF Export Receivables Master Trust's foreign currency issuer default rating and securities are upgraded to BBB+ from BBB, trust certificates due 2015 and trust certificates due 2013, unenhanced long-term rating; Petrobras Energia SA's local and foreign currency issuer default ratings and following securities upgraded to BB from B+: senior unsecured notes due 2009, senior unsecured notes due 2010 and senior unsecured notes due 2013, and guaranteed notes due 2017 to upgraded BBB- from BB+; and

Companhia Petrolifera Marlim's issuer default rating and securities to upgraded BBB- from BB+ and MTNs due 2008.

Fitch noted that the rating actions reflect Petrobras' improving operating and financial performance as well as further fundamental credit strengthening of its controlling shareholder, the Federative Republic of Brazil.

The outlook is stable.

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