Fitch changes Petrobras to negative

Fitch Ratings said it affirmed the foreign and local currency issuer default ratings and outstanding debt ratings of Petroleo Brasileiro SA (Petrobras) at BBB- and national scale rating at AAA(bra).

The ratings were removed from Rating Watch Negative.

The outlook is negative.

These rating actions affect about $50 billion of issued debt.

Fitch said the negative outlook reflects the uncertainties surrounding the company's ability to deleverage its balance sheet in the medium-term. Petrobras may face challenges to deleverage its capital structure organically, as the corruption scandal may result in delivery delays of production units.

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