S&P affirms Petrobras

Standard & Poor's said it affirmed its BBB corporate credit rating on Petroleo Brasileiro SA.

At the same time, the agency said it affirmed its BBB senior unsecured rating on Petrobras' wholly owned financing vehicle Petrobras International Finance Co. The outlook is stable.

"The ratings on Petrobras reflect our view that there is a very high likelihood that the government of the Federative Republic of Brazil would provide timely and sufficient extraordinary support to Petrobras if needed in the event of financial distress," said S&P credit analyst Luciano Gremone.

"As a result, under our government related entity criteria, our ratings on Petrobras are one notch above of the stand-alone credit profile, which we assess as bbb-."

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