Fitch rates Petrobras notes BBB

Fitch Ratings said it assigned a BBB rating to Petroleo Brasileiro SA's (Petrobras) proposed senior unsecured notes with aggregate amounts of €3.05 billion and £600 million.

The notes, which will have tenures between four and 20 years, will be issued through its wholly owned subsidiary, Petrobras Global Finance BV (PGF), and will be unconditionally and irrevocably guaranteed by Petrobras.

Proceeds will be used to refinance upcoming maturities and for general corporate purposes.

Fitch said Petrobras' ratings are supported by its leadership position in the Brazilian domestic energy market, its recognized expertise in offshore exploration and production, and its strategic importance to Brazil (long-term issuer default rating of BBB with a stable outlook).

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