Moody's ups Petrobras

Moody's Investors Service said it upgraded the foreign-currency bond ratings of Petroleo Brasileiro SA and its subsidiary Petrobras International Finance Co. to Baa1 from Baa2, concluding a review announced on May 25.

The foreign-currency bond rating of Petrobras Energia SA's $300 million series S senior unsecured notes, supported by Petrobras under a standby purchase agreement, also were upgraded to Baa1 from Baa2.

The outlook is stable.

The upgrades were prompted by an upgrade of Brazil's long-term foreign-currency ceiling for bonds and notes to Baa3 from Ba1, according to the agency. The A2 global local-currency rating and Aaa.br national scale rating were unaffected.

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