S&P rates Petrobras Global Finance notes BBB

Standard & Poor's said it assigned its BBB debt rating to Petrobras Global Finance BV's senior unsecured notes.

The company is a wholly owned finance subsidiary of Petroleo Brasileiro SA - Petrobras.

The BBB corporate credit rating on Petrobras reflects S&P's view that there is a "very high" likelihood that the government of Brazil would provide timely and sufficient extraordinary support to the company, if needed, in the event of financial distress. As a result, under S&P's government-related entity criteria, the ratings on Petrobras are one notch above of the stand-alone credit profile, which the agency assesses as bbb-.

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