Fitch assigns Petrobras notes BBB

Fitch Ratings said it assigned a BBB rating to Petroleo Brasileiro SA's (Petrobras) proposed senior unsecured notes issuance for $8.5 billion.

The expected note issuances are as follows: $3 billion due March 2017, $2 billion due March 2020, $2.5 billion due March 2024 and $1 billion due March 2044.

The notes will be issued through Petrobras' wholly owned subsidiary, Petrobras Global Finance BV, and will be unconditionally and irrevocably guaranteed by Petrobras.

Proceeds will be used to finance planned capital expenditures 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 (Fitch long-term issuer default rating of BBB with a stable outlook).

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