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 issuer is a wholly owned finance subsidiary of Petroleo Brasileiro SA - Petrobras (BBB/negative/--).

The notes may total up to $8.5 billion, and they are expected to be issued in four fixed-rate tranches - due 2017, 2020, 2024 and 2044 - and in two floating-rate tranches - due 2017 and 2020.

S&P said its BBB corporate rating on Petrobras reflects its view that there is a "very high" likelihood that the Brazilian government would provide timely and sufficient extraordinary support to the company in the event of financial distress.

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