S&P ups Petrobras to positive

Standard & Poor's said it revised the outlook to positive from stable on Petroleo Brasileiro SA (Petrobras) following an identical revision to the outlook on the sovereign ratings of the Federative Republic of Brazil.

The agency also said it affirmed Petrobras' BBB- corporate credit rating.

The ratings reflect the company's very important role and its strong link with the sovereign of Brazil, S&P said.

Under the criteria for government-related entities, the agency said it sees a high likelihood of extraordinary support from the federal government if such support is needed, the agency said.

The positive outlook reflects an expectation that the agency could raise the ratings on Petrobras if it raises the foreign-currency rating of Brazil, S&P said.

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