S&P affirms Petroleo Brasileiro

Standard & Poor's said it affirmed its global scale ratings on Petroleo Brasileiro SA (Petrobras).

The outlook is stable.

The ratings reflect its stand-alone credit profile, which is rated BBB-.

This is due to the company's satisfactory business risk profile, characterized by the quality of its exploration and production activities and a dominant market position in all aspects of the Brazilian hydrocarbon industry, S&P said.

The company's good prospects somewhat mitigate its expected deterioration in credit metrics, the agency said.

The stable outlook reflects an expectation that Petrobras will sustain its satisfactory business profile with a strong business position in the Brazilian hydrocarbon industry, along with positive prospects for increasing and diversifying its reserve base, S&P said.

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