S&P rates Petrobras notes BBB-

Standard & Poor's said it assigned Petrobras International Finance Co.'s $6 billion multitranche global notes, $2.5 billion due in January 2016, $2.5 billion due in January 2021 and $1 billion due in January 2041, a BBB- senior debt rating.

The outlook is stable.

Petrobras will use these issuances to finance its capital expenditures program, budgeted at $224 billion for 2010 through 2014, as well as to extend the average tenor of the company's existing debt maturity.

The ratings are aligned with those on Petrobras, considering the unconditional corporate guarantee Petrobras provides to the issue, S&P said.

Petrobras' ratings reflects its satisfactory business risk profile, dominant market position in all aspects of the Brazilian hydrocarbon industry, sizable oil reserves with sound replacement rates as well as its intermediate financial risk profile, the agency said.

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