Moody's may upgrade Petrobras

Moody's Investors Service said it placed the ratings of the structured finance transactions of Petroleo Brasileiro SA (Petrobras) on review for possible upgrade following the July 8 upgrade of the global local currency rating to A2 from Baa1.

Moody's said it upgraded Petrobras' global local currency rating as a result of the introduction of its new rating methodology for government-related issuers.

Affected Baa1 ratings include the 9.875% senior notes due 2008, 9.75% senior notes due 2011 and 9.125% senior notes due 2007.

The agency said the notes benefit from inconvertibility, transferability and expropriation insurance policies from Steadfast Insurance Co.

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