Fitch affirms Petrobras

Fitch Ratings said it has affirmed the foreign currency issuer default rating of Petroleo Brasileiro SA at BBB.

Fitch said it has also affirmed the local currency issuer default rating at BBB+ and the national long-term rating at AAA(bra).

The outlook for Petrobras remains stable.

In conjunction with this action, Fitch said it has affirmed the following debt instruments, financing vehicles and subsidiaries: senior unsecured notes due 2011 at BBB; senior unsecured notes due 2013 at BBB; senior unsecured notes due 2014 at BBB; senior unsecured notes due 2016 at BBB; senior unsecured notes due 2018 at BBB; senior unsecured notes due 2019 at BBB; second issuance of debentures due 2012 at AAA(bra); and the third issuance of debentures due 2010 at AAA(bra).

Also affirmed were Petrobras Energia SA's guaranteed notes due 2017 at BBB and Companhia Petrolifera Marlim's foreign currency issuer default rating at BBB.

Petrobras' ratings are supported by its Leadership position in the Brazilian domestic energy market, its recognized expertise in offshore exploration & production and its strategic importance to Brazil, the agency added.

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