Moody's affirms Petrobras

Moody's Investors Service said it affirmed the Baa1 foreign-currency bond rating and Aaa.br national scale rating of Petróleo Brasileiro SA.

The agency downgraded Petrobras' global local-currency rating to A3 from A2, reflecting an increased level of dependence between Petrobras and the government of Brazil.

The outlook is stable.

Petrobras's Baa1 foreign-currency bond rating reflects its fundamental credit quality and Brazilian political risk, including a low likelihood that Petrobras would be subject to a general debt moratorium in Brazil, the agency said.

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