S&P gives Petrobras notes BBB-

Standard & Poor's said it assigned its BBB- rating to the issuance of global notes due 2018 by Petrobras International Finance Co. (PifCo), a wholly owned subsidiary of Petroleo Brasileiro SA - Petrobras (BBB-/stable).

The notes will form a single fungible series with PifCo's original $1 billion notes (BBB-) due 2018 issued on Nov. 1, the agency said, adding that the global notes benefit from Petrobras' credit support under the terms of a standby purchase agreement.

S&P added that the rating on the notes issued by PifCo is equalized with that on Petrobras, considering the agreement provided by Petrobras for the notes, Petrobras' full ownership of PifCo and the strategic importance of PifCo as Petrobras' main international financing vehicle, which in its view provides further incentives for Petrobras to support PifCo.

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