S&P rates Petrobras notes BBB

Standard & Poor's said it affirmed its BBB corporate credit rating on Petroleo Brasileiro SA - Petrobras. The agency said it assigned its BBB rating to its €1.8 billion notes with two tranches through its subsidiary Petrobras International Finance Co.

According to S&P, Petrobras fully and unconditionally guarantees these notes. The outlook on the corporate credit rating is stable.

S&P said it took the rating action as a part of its regular review and because it has assigned a new issue rating on the €1.8 billion notes.

The ratings on Petrobras reflect S&P's view that there is very high likelihood that the company will receive extraordinary support from the government of the Federative Republic of Brazil, the agency said.

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