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Fitch gives Petrobras notes BBB
Fitch Ratings said it assigned BBB ratings to the following Petroleo Brasileiro SA proposed notes:
• $1.25 billion 2% notes due 2016;
• $1 billion floating-rate notes due 2016;
• $2 billion 3% notes due 2019;
• $1.5 billion floating-rate notes due 2019;
• $3.5 billion 4.375% notes due 2023; and
• $1.75 million 5.625% notes due 2043.
The notes will be issued through Petrobras' wholly owned subsidiary, Petrobras Global Finance BV, and will be unconditionally and irrevocably guaranteed by Petrobras. Petrobras is expected to use the proceeds from the debt issuance to fund its capital expenditure program and for general corporate purposes.
Fitch said the ratings are supported by Petrobras' leadership position in the Brazilian domestic energy market, its recognized expertise in offshore exploration and production and its strategic importance to Brazil.
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