Moody's: Petrobras unchanged

Moody's Investors Service said it said that Petrobras' A2 GLCR and Baa1 FCBR will not be affected by the company's announced increase in its five-year spending plan and its substantial projected debt financing needs in 2009 and 2010.

Petrobras recently announced a revised long-term capital plan for 2009-2013 totaling $174.4 billion, a 55% increase over the prior plan, the agency said.

The increase is primarily driven by higher exploration and development spending for large pre-salt discoveries, Moody's noted.

Accompanying the increased spending plan is a much larger projected financing need which, on a preliminary basis, the company estimates could reach more than $18 billion per year in each of 2009 and 2010, including debt amortizations and new debt incurred, the agency added.

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