Fitch: Petrobras unaffected

Fitch's Ratings said the BBB- foreign- and local-currency issuer default ratings of Petroleo Brasileiro SA (Petrobras) are not affected by Petrobras' announcement of its intention to acquire Suzano Petroquimica SA.

The outlook remains stable.

The proposed R$2.1 billion acquisition further solidifies Petrobras' position in Brazil's petrochemicals industry, the agency said, and as the petrochemicals market expands in the Southern Cone, Petrobras is well positioned to increase its participation in Brazil's Southeast region as the market continues to consolidate. Furthermore, Fitch does not believe the acquisition will adversely affect Petrobras' credit profile.

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