Fitch: Petrobras unchanged by reorganization

Fitch Ratings said it views the reorganization of Petroleo Brasileiro SA's assets in Argentina, in which Petrobras Energia SA will absorb certain assets in exchange for direct shares in Petrobras Energia as slightly positive.

The international local and foreign currency ratings of Petrobras Energia remain unchanged at B and its national rating remains unchanged at A+ (arg). The outlook for both companies is stable.

Notwithstanding these improvements, Fitch said the company's credit profile continues to reflect fallout from Argentina's sovereign crisis. The ongoing sovereign default, the shift in government policies away from market-oriented frameworks and the government's continued lack of addressing systemic sector problems remain as constraints.

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